MCL Land has announced that its proposed voluntary delisting was approved by shareholders in an extraordinary general meeting held yesterday.
The acceptance meets the condition for the exit offer made by Hongkong Land, parent company of MCL Land.
Hongkong Land, which holds a 79 percent stake at MCL Land, had offered $2.45 in cash per share, representing a 25.6 percent premium to the last traded price of $1.95 when it was announced in August.
Earlier in November, independent directors of MCL Land had advised shareholders to accept the offer.
“Following the passing of the delisting resolution, the expected date for the delisting of the MCL Land stock units is 21st December 2010 or such later date as may be announced by or on behalf of MCL Land," according to a press release issued by Hongkong Land.
“Following the delisting, it is likely to be difficult for the stockholders who do not accept the exit offer to sell their stock units in the absence of a public market for the stock units.”
The closing date for the offer is December 7.