(Unless
otherwise stated, the definitions used in this announcement shall carry
the same meanings as defined in the announcement dated 2 September
2010)
We
refer to the announcements dated 2 September 2010, 6 September 2010, 22
September 2010, 14 February 2011, 1 March 2011 and 31 May 2011 in
relation to the Proposals.
On
behalf of the Board of Directors of AmanahRaya-REIT Managers Sdn Bhd,
Maybank Investment Bank Berhad wishes to announce that the period for
the fulfilment of the conditions precedent set out in the Conditional
SPA has lapsed on 1 December 2011.
After
due deliberation and in light of potential planned asset enhancements
to be carried out by Perbadanan Kemajuan Negeri Selangor ("PKNS") on the Properties which will affect the market values of the Properties, the trustee for ARREIT ("Trustee"), and PKNS have,
on 1 December 2011, entered into a deed of mutual termination to
mutually terminate the Conditional SPA and the Lease Agreements with
effect from 1 December 2011. Upon termination of the Conditional SPA,
the Conditional SPA shall cease to be of any further effect but without
prejudice to any legal right for any party to the Conditional SPA may be
entitled to against the other in respect of any antecedent breach of
the Conditional SPA and PKNS shall be entitled to dispose of the
Properties in such manner as it may in its absolute discretion deem fit.
This announcement is dated 1 December 2011.
