ESR (01821) announced that as part of the ARA deal, the company acquired LOGOS (LOGO...
Zhitong Financial App News, ESR (01821) announced that as part of the ARA transaction, the company acquired 86.4% of the indirect interest in LOGOS (LOGOS Property Group Limited), and the remaining 13.6% of LOGOS's equity (LOGOS founder's shares) were distributed by 3 LOGOS founders (namely Mr. Stephen Hawkins, Mr. John Edward Marsh, and Mr. Trent Alexander Iliffe) hold. Furthermore, the founder of LOGOS entered into a revised shareholder agreement with (among others) ARALV and LOGOS on August 4, 2021. According to this, on the day of completion of the ARA transaction or shortly after the completion of the ARA transaction (the 3rd anniversary) (that is, on or after January 20, 2025), the company will acquire the shares of LOGOS founders at fair market prices at that time (if not acquired before the 3rd anniversary).
As far as the LOGOS founder's consolidated acquisition is carried out in accordance with LOGOS's revised shareholder agreement:
On May 31, 2024, due to Mr. Stephen Hawkins leaving the Group, the company (through its subsidiary ARALV) entered into a SH share purchase agreement to acquire all of the Logos shares held by Mr. Stephen Hawkins (accounting for 1.31% of the total number of shares issued by LOGOS), at a cash cost of 9 million dollars. The acquisition was completed on June 20, 2024;
Also, on July 25, 2024, the company entered into a JM share purchase agreement and TI share purchase agreement with (including) Mr. John Edward Marsh and Mr. Trent Alexander Iliffe, respectively. According to this, the company agreed to acquire (through its subsidiaries), and Mr. John Edward Marsh and Mr. Trent Alexander Iliffe each agreed to directly or indirectly sell their respective Logos founder shares, at a cost of (a) In the case of Mr. Trent Alexander Iliffe, the cash costs and (b) in the case of Mr. John Edward Marsh, the cash costs and the allotment and issuance of new shares under a general mandate are recorded as full payment. Additionally, all virtual units granted by Logos held by John Edward Marsh and Trent Alexander iLiff will be terminated after completion.
After the LOGOS founder's merger and acquisition is completed, LOGOS will become an indirect wholly-owned subsidiary of the company. This will enable the Group to fully integrate ESR and LOGOS's business in the Asia-Pacific region, and is expected to bring many operating and economic benefits, including but not limited to increased market share in major markets; broader capital and tenant relationships; market certainty as a unified ESR business; and business streamlining and synergy effects.