Canada Land Ltd (CDL) would like to advise that the it has received an advice from Chedsey Ltd of its intention to make a conditional cash offer for the shares in the company at 5 cents per share, that it does not own. Chedsey Ltd is a company controlled by and associated with the directors of the Company, Dr. William YIP, Mr. Man-Ban LEE, and Mr. Yuk-Wah CHOW. Attached is the letter received by the Company from Chedsey Ltd. Once the formal offer document to shareholders and any additional information have been received from Chedsey Ltd, the Company will advise the ASX accordingly.
Chedsey Limited, a company incorporated under the laws of the British Virgin Islands, confirms that it intends to make an all cash offer (Offer) for the issued shares in Canada Land Limited, including those shares over which CHESS Depositary Interests are issued, other than the Shares already held by Chedsey’s directors (who are also the directors of CDL) and their affiliates (together, Chedsey Affiliates). The Offer values CDL’s equity at approximately A$4,912,500 and provides CDL Shareholders with the opportunity to exit their investment in CDL at a price of A$0.05 per share, which is A$0.03 above the last closing price on 29 March 2012 of A$0.02, being the last day that CDL traded on the Australian Securities Exchange.