FNN

FNN: update on the proposed privatization deal involving FNN and its subsidiary Frasers Property (China) (535 HK) (FPC), in which sh/h of FPC are due to vote on 30 Jul in a special general meeting to consider the deal. The independent financial advisor has advised sh/h to vote against the privatization, calling the terms “not fair and reasonable”. In addition, the board of the company highlighted a new adjusted NAV of HK$0.525/ sh in an SGX filing yday, much higher than the NAV per share of HK$0.338 mentioned in the original privatisation proposal on 8 May, as well as the offer price of HK$0.28/sh. FNN said the offer price would not be revised in the course of the proposal. Yesterday, FPC closed unchanged at HK$0.27. Trading volume leapt to 51.6m shares, up from 1.6m the day before. FNN gained 14 cents to $7.30, up 1.96%.