As at 3.30 p.m. on the Closing Date, Jardine Strategic had received valid acceptances of the Offer in respect of an aggregate of 20,938,440 MCL Land shares, representing approximately 5.67 per cent. of the issued share capital of MCL Land.
Prior to 12th July 2002, the date of announcement of the Offer, Cycle & Carriage Limited, a concert party of Jardine Strategic, held 220,449,882 MCL Land shares, representing approximately 59.71 per cent. of the issued share capital of MCL Land.
On 26th August 2002 Jardine Strategic made payment for valid acceptances of the Offer received during the period from 2nd August 2002 (being the date of despatch of the offer document) up to 5.00 p.m. on 21st August 2002.
Jardine Strategic will make payment for valid acceptances of the Offer received during the period from 22nd August 2002 up to 3.30 p.m. on the Closing Date as soon as practicable but in any event within 21 days after receipt of valid acceptances of the Offer.
On 12th July 2002, Jardine Strategic announced the voluntary pre-conditional cash partial offer for Cycle & Carriage (the "C&C Partial Offer"), which would increase its shareholding in Cycle & Carriage from 29.13 per cent. to 50.2 per cent. Subject to the C&C Partial Offer becoming unconditional, Jardine Strategic would be required under Singapore regulatory requirements to make a chain principle offer for the 40.29 per cent. of MCL Land not already owned by Cycle & Carriage. The primary purpose of Jardine Strategic in making the Offer was to fulfil the requirement to make the chain principle offer in a manner that provided certainty to holders of MCL Land shares as to the offer price. It would not, otherwise, have been Jardine Strategic's intention to acquire any MCL Land shares. The Singapore authorities have confirmed that, having made the Offer, Jardine Strategic will not be required to make the chain principle offer for MCL Land if and when the C&C Partial Offer becomes unconditional.
Jardine Strategic is a holding company which takes long-term strategic investments in multinational businesses, particularly those with an Asian focus, and in other high quality companies with existing or potential links with the Jardine Matheson Group. Its principal attributable interests are in Jardine Matheson (51 per cent.), Dairy Farm (69 per cent.), Hongkong Land (41 per cent.), Mandarin Oriental (71 per cent.) and Cycle & Carriage (29 per cent.).