The Board of TPG Telecom Limited (ASX:TPM) announced the spin off of Tuas Limited on May 19, 2020. It is proposed that all of the shares in a new ASX listed entity, Tuas Limited which will own TPGs Singapore business, will be distributed to TPG shareholders and listed on the ASX. TPG Telecom Limited will spin-off 1 share of Tuas Limited for every 2 TPG Telecom Limited shares held. The Tuas Board will, upon implementation of the Demerger, consist of two independent Non-Executive Directors, being Alan Latimer and Sarah Kenny. The Tuas Directors will determine the size of the Tuas Board subject to the Tuas Constitution and applicable laws under the Corporations Act. Pursuant to the Tuas Constitution, the number of directors on the Tuas Board must be no less than three and no more than 10. David Teoh, Robert Millner as Non-Executive Director, Jack Teoh as Non-Executive Director, Sarah Kenny as Non-Executive Director and Alan Latimer as Non-Executive Director will be the Directors of Tuas Limited. Clare Craven will be the Secretary for Tuas. The executive team of the Tuas will comprise of David Teoh as Executive Chairman, Richard Tan as Chief Executive Officer and General Manager as Harry Wong as Head of Finance, Benjamin Tan as Head of Technology and Security and Ng Chong Teck as Head of Network Operations. The deal is conditional upon the merger of TPG Telecom and Vodafone, court approval and other conditions. The record date is July 1, 2020. The effective date for the deal is June 29, 2020. The intended date for the demerger is July 13, 2020. The commencement of listing Tuas Limited's shares is expected to be July 14, 2020. Tim Bryan of KPMG Transaction Services (Australia) Pty Limited. acted as accountant, Computershare Investor Services Pty Limited acted as transfer agent, Macquarie Securities (Australia) Ltd. acted as financial advisor and Rebecca Maslen-Stannage and Phillip hart of Herbert Smith Freehills and Greenwoods Herbert Smith Freehills Pty Ltd acted as legal advisors to Tuas. The indicative total costs of the Demerger payable by Tuas (exclusive of GST) for ASX lodgement, legal expenses and printing and other miscellaneous expenses are approximately AUD 2 million.
TPG Corporation Limited (ASX:TPM) completed the spin-off of Tuas Limited (ASX:TUA) on June 30, 2020.