Accordia Golf Trust's sponsor offers to buy golf courses for S$804.1m

Singapore

THE sponsor of Accordia Golf Trust (AGT) has proposed to acquire the trust's 88 golf courses in Japan for 61.8 billion Japanese yen (S$804.1 million), or an implied purchase consideration of S$0.732 per unit, AGT said on Monday.

The price represents a premium of 5.1 per cent and 12.9 per cent over, respectively, AGT's adjusted net asset value of S$764.9 million and adjusted net tangible assets of S$712.3 million as at March 31.

The price also represents a premium of 21.8 per cent over the volume weighted average price of AGT units in the one month to, and inclusive of, Nov 27, 2019.

That was the day before AGT annou…

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