All resolutions pertaining to the proposed merger were approved by ESR-REIT Unitholders and VIT Stapled Security holders.

Following the approval, the VIT Managers will be submitting their application to the Court for the sanction of the Scheme by the Court.

We continue to monitor the progress of the proposed merger. Should it be approved by authorities, our estimate implies that 1 VIT unit can be traded for an aggregate value of at least S$0.934 (including the 9.6 S cents in cash).

Recall that our rating for VIT unitholders was Accept the offer.

Source: OCBC Research - 3 Sept 2018