LH's former chairman proposes share purchase

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SET-listed property developer Land and Houses Plc (LH) has received a proposal from former chairman Anant Asavabhokhin for a voluntary partial tender offer of the company's shares, worth around 1.41 billion baht.

Anant: Voluntary partial tender offer

"Mr Anant wants to increase his investment in the company. This is a long-term investment to generate returns," said LH in its statement.

Mr Anant wishes to purchase a total of 1.2 billion shares, representing 10% of total ordinary shares issued and sold by the company.

If the total number of tendered shares is less than the number of shares intended to be purchased, he will purchase all the tendered shares, said the statement.

Mr Anant is a major shareholder with 2.86 billion shares or 23.93% of total LH shares.

The voluntary partial tender offer must be approved by a vote of no less than one-half of the total number of shareholders' votes present at the meeting entitled to voting rights. If the offer is accepted by shareholders, Mr Anant will hold 4.05 billion ordinary shares, representing 33.93% of total ordinary shares issued, raising his voting rights to the same level.

The extraordinary shareholders meeting will be held on Aug 7.

"This offer does not oblige Mr Anant to make a tender offer to purchase the remainder of the shares," said the statement.

"Mr Anant does not intend to change the company's business objectives or dividend policy, or to de-list the company's securities from the SET for 12 months after a successful voluntary partial tender offer."

Mr Anant is a property tycoon and founder of LH Group. He reported to the Department of Special Investigation (DSI) in June last year to answer charges in connection with the Klongchan Credit Union Cooperative (KCUC) embezzlement case.

Former KCUC chairman Supachai Srisupa-aksorn used money drawn from KCUC to buy 46 rai owned by M-Home SPV 2 Co close to Wat Phra Dhammakaya. Mr Supachai is in prison after being sentenced by the Criminal Court in March last year to 16 years after admitting to siphoning money from KCUC accounts in 2013.

The 46 rai was sold on Dec 23, 2011 to Mr Anant for 93.7 million baht, well below the estimated value of 281 million, the DSI's initial investigation concluded. Mr Anant sold the land for 492 million baht and allegedly donated 303 million to the Chan Khonnokyoong Foundation.

LH shares closed Thursday on the SET at 11.50 baht, up 50 satang, in trade worth 1.5 billion baht.

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