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03 September 2015

Charles Russell Speechlys advises Eden on its mandatory cash offer for Eredene

Charles Russell Speechlys acted as solicitors to Eden Investment Holding Company Pte Ltd (Eden) on its unconditional mandatory cash offer for the entire issued share capital of Eredene Capital Limited (Eredene), other than shares already held by Eden and its concert parties (Offer).

The Offer closed on 3 September 2015, resulting in Eden and its concert parties holding an aggregate interest of 78.66% in Eredene.

Eredene is a closed-ended investment company investing in Indian infrastructure with a focus on port services, logistics and warehousing, which delisted from AIM in December 2014. Ocean Dial Asset Management is Eredene’s investment manager.

Eden is a recently incorporated Singaporean company representing a consortium of individuals including Mr Raju Shukla, Chief Executive Officer of Ocean Dial Asset Management Singapore. Prior to the Offer, Mr Shukla and certain executives of Ocean Dial Asset Management already held an aggregate interest of 27.3% in Eredene.

The acquisition by Eden of certain shares from Caledonia Investments plc and Ornaisons Foundation on 18 June 2015 resulted in Eden and its concert parties holding an interest in 53.46% of the issued share capital of Eredene and triggered a mandatory offer under Rule 9 of the Takeover Code.

The Offer valued the whole of Eredene’s issued share capital at approximately £11.9m.

Commenting on Charles Russell Speechlys involvement in the Offer, Mr Shukla said: “I was very happy with the assistance the Charles Russell Speechlys team provided on this transaction and their Takeover Code expertise made smooth work of the process. ”

The Charles Russell Speechlys team that advised Eden was led by Partner Victoria Younghusband and included Senior Associate Paul Arathoon and Associate Chris Manning.

Victoria Younghusband, Corporate Partner at Charles Russell Speechlys, said: “ We are delighted to have assisted Eden on its successful first deal and look forward to seeing it progress.