Property builder Plenitude to exercise right to buy remaining shares of Nomad

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PETALING JAYA: Property developer Plenitude Bhd will exercise its rights to compulsorily acquire the remaining shares in The Nomad Group Bhd, as the unconditional takeover offer date lapsed yesterday.

Plenitude, which already held more than 90% of The Nomad as of May 29, said in a statement issued by Mercury Securities that it intends to take The Nomad private and will use its rights to buy the rest of the shares it has yet to receive acceptance for as at the end of the offer date yesterday.

Plenitude had proposed to take over The Nomad for RM1.25 per share via the issuance of 111.55 million new Plenitude shares of RM2.50 each in March.

This means that Plenitude had offered The Nomad shareholders one Plenitude share worth RM2.50 for two The Nomad shares.

Independent adviser TA Securities had said in a May 18 circular that the offer was fair and reasonable, recommending The Nomad shareholders to accept the offer.

It had pointed out to The Nomad shareholders that one Plenitude share carried a higher intrinsic value based on its net assets of RM3.73, compared with two The Nomad shares, which had a lower intrinsic value based on its revised net asset value of RM3.36.

The Nomad’s hotel segment owns the Novotel Kuala Lumpur City Centre, The Nomad SuCasa, GLOW Penang and The Nomad Services Residences Bangsar.

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