Announcement • Sep 10
Sunland Announces Update on Bidding War The battle for the future of delisted Sunland (Sunland Group Limited) has taken another twist, with Homecorp (Homecorp Constructions Pty) boss Ron Bakir re-entering the fray and outbidding company Founder Soheil Abedian. The bidding war to secure the company has intensified, just days after Mr. Abedian mounted a surprise push to buy all remaining shares of the group that built the First Quarter and Palazzo Versace. Now Mr. Bakir has sensationally submitted a bid of 7.25 cents per share, plus a dividend. It trumps Mr. Abedian’s bid of 7 cents. Mr. Bakir declined to comment on the move. There is a third bid, from Harvest Lane Asset Management (Harvest Lane Asset Management Pty Ltd), and the future of the company will now come down to a decision in late September. Mr. Abedian, who remains Sunland’s majority shareholder, is now understood to be mulling his options while waiting for due diligence to be completed on the competing offers. Sunland Company Secretary Grant Harrison said in a letter to shareholders that the Bakir proposal would be considered. “Other than the increased offer price, the (Bakir) proposal is on materially the same terms as the proposal received from Abedian & Co Pty Ltd. The directors of Sunland are currently considering the (Bakir) proposal,” Mr. Harrison wrote. “For the avoidance of doubt, the directors note that (Mr. Bakir’s) Sun Holdings Proposal is (as is the Abedian Proposal) subject to completing satisfactory confirmatory due diligence and execution into a binding scheme implementation agreement. “Accordingly, there is no certainty that the Sun Holdings Proposal will proceed.” It is the latest twist in the future of the company. In early July, Mr. Bakir made an offer to buy up all remaining shares of Sunland for 4.5 cents A further bid was received in mid-August from Harvest Lane Asset Management, a Sydney-based investment firm, for 5 cents. Homecorp then exited the race, leaving Harvest Lane as the sole remaining bidder. In early September, Mr. Abedian, via his private Mermaid Beach-based Abedian and Co outfit, lodged his own offer of 7 cents. Prior to lodging his own bid, Mr. Abedian told the board he would not support a Harvest Lanetakeover. The company’s finalshare prices before its delisting in late 2023 was 73 cents. Announcement • Sep 03
Founder in Sunland Bid The takeover of GC development giant Sunland Group has taken a shock twist, with its founder Soheil Abedian now in the box seat to take back the reins of the company he led for 40 years. A bidding war has erupted to secure the company with three proposals to the board to secure all remaining shares of the group that built the First Quarter and Palazzo Versace. Ron Bakir’s Homecorp made an offer in early July to buy up all remaining shares of Sunland for 4.5 cent each plus a dividend, which was unanimously backed by the board. A further bid was received in mid-August by Harvest Lane Asset Management Pty Ltd, a Sydney-based investment firm, for 5 cent. Late last week, Homecorp exited the race, leaving Harvest Lane as the sole remaining bidder. Now, the company founder, via his private Mermaid Beach-based Abedian and Co outfit, has lodged his own offer, which is 40% higher than that of the Luke Cummings-headed firm at 7 cent. Before lodging his own bid, Mr. Abedian, who remains Sunland’s biggest shareholder, told the board he would not support a Harvest Lanetakeover. If successful, Abedian and Co would have the rights to the Sunland brand and whether it was used on any of its properties. The fate of the company, which was delisted from the ASX last year, is expected to be known in late September after a 14-day due diligence period. Mr. Abedian (inset), who retained his shares in the company after resigning in 2023, said in a letter to the Sunland board of directors he wanted to buy all remaining shares for 7 cent on the dollar. “(Abedian and Co) believes that its indicative proposal provides full and fair value for (Sunland) shares, with 100% cash consideration providing certainty of value and the ability for (Sunland) shareholders to monetise their investment before December 2029,” his letter said. “(Abedian and Co) supports (Sunland’s) current executive director Grant Harrison and management, and intends to manage the operating strategy and costs in an effective and efficient manner, while exploring opportunities to grow (Sunland), both organically and through future projects. “(Abedian and Co) considers it is particularly well-positioned to support the operations given the experience, expertise and track record of its director, Dr. Soheil Abedian, who was the founder of (Sunland) and acted as its former executive chairman.” Mr. Abedian declined to comment on the move on Sunday. The company’s final share prices before its delisting in late-2023 was 73 cent. Announcement • Jul 11
Homecorp to Buy Remaining Sunland Shares Sun Holdings GC Pty Ltd. made an offer to acquire Sunland Group Limited for AUD 6.8 million on July 2, 2024. Under the Offer, Sunland shareholders will receive total consideration of AUD 0.052 for each Sunland share. The transaction is subject to a 90% minimum acceptance condition, other customary conditions and no material adverse change, no prescribed occurrences, no regulatory action or material acquisitions, amongst other conditions. The offer has been approved unanimously by the Sunland’s directors. The offer is expected to close on September 2, 2024. Ernst & Young Strategy and Transactions Limited acted as financial advisor for Sunland Group Limited. Holding Redlich acted as legal advisor for Sunland Group Limited. Mills Oakley Lawyers Pty Ltd. acted as legal advisor for Sun Holdings GC Pty Ltd. and Homecorp. 
