FGV Annual Report 2014

56 Significant Events during the Financial Year (continued) (f) On 29 August 2014, Merrill Lynch (Singapore) Pte. Ltd. had, on behalf of the Company, served the notice of voluntary conditional cash offer (“the Offer”) to acquire all the issued and paid up capital of Asian Plantations Limited (“APL”), a company listed on the Alternative Investment Market of the London Stock Exchange (“AIM”) for a cash consideration of £2.20 (approximately the equivalent of RM11.50). On 13 October 2014, the Company received valid acceptances for a total of 43,915,662 APL shares, representing 93.9% of the total number of issued shares. On 22 October 2014, the Company received valid acceptances (which have not been withdrawn) in respect of 45,438,108 APL shares, representing approximately 97.2% of the total number of issued shares. Subsequently, on 27 October 2014, the Company received valid acceptances totalling 45,648,088 APL shares, representing approximately 97.6%. On 14 October 2014, APL announced that their securities will be cancelled from trading on AIM with effect from 11 November 2014. On 31 October 2014, the Company despatched to the shareholders who have not accepted the Offer (“the Dissenting Shareholders”) the following documents: (i) a letter (“CA Letter”) with regards to FGVH’s exercise of its right of compulsory acquisition and the right of such Dissenting Shareholders to require FGVH to acquire the shares held by them; and (ii) a Notice to Dissenting Shareholder and a Notice to Non-Assenting Shareholder. As at 31 October 2014, the acquisition of 100% APL was completed with a purchase consideration of RM567,898,000. (g) On 31 October 2014, the Company entered into a conditional agreement for the acquisition of the entire equity interest of Felda Iffco South China Ltd (“FISC”) from Felda Iffco Sdn. Bhd. (“FISB”), a joint venture company of the Company, for a total purchase consideration of RMB320 million (RM173.24 million) which shall be payable in three instalments. On 3 November 2014, the Company paid RMB160 million (RM86.62 million) upon execution of the agreement. 57 Significant Events after the Reporting Period (a) On 28 January 2015, FGVH through its wholly-owned subsidiary, Felda Global Ventures Kalimantan Sdn. Bhd. (“FGVK”) had received the approval from the Ministry of Law and Justice and Human Rights of Indonesia for the incorporation of PT Bumi Agro Nusantara (“PT BAN”). The entire issued and paid-up share capital of PT BAN is RM873,045 and are held by FGVK (99.6%) and Felda Global Ventures Plantation Sdn. Bhd. (0.4%) respectively. The intended principal activity of PT BAN is to carry on the business of management and consulting services. (b) On 28 January 2015, FGVD, a wholly-owned subsidiary of the Company has exercised its option to purchase 20% of the issued and paid-up share capital of FGV Lipid Venture Sdn. Bhd. (“FGV Lipid”) from Lipid Venture Sdn. Bhd. (“LVSB”) by way of a Supplemental Agreement dated 28 January 2015 to the Joint Venture and Shareholders’ Agreement between FGVD and LVSB dated 13 November 2013. Pursuant thereto, FGVD has raised its shareholdings in FGV Lipid from current 40% to 60% which resulted in FGV Lipid becoming a subsidiary of FGVD. Felda Global Ventures Holdings Berhad pg 322 NOTES TO THE FINANCIAL STATEMENTS For The Financial Year Ended 31 December 2014