Shares in Great Eastern Holdings (GEH) opened at $13.21 at 9am on Aug 21 following a one-for-one bonus issue after less than 75% of the minority shareholders voted against delisting at the insurer’s extraordinary general meeting (EGM) on July 8.
On June 6, GEH and Oversea-Chinese Banking Corporation (OCBC) announced that, should the final exit offer of $30.15 per share be rejected, GEH will seek shareholders’ approval on a second proposal to restore its free float.
Trading in GEH’s shares has been suspended since July 15, 2024, after its free float fell below 10%.
On July 28, GEH announced that it will proceed to issue 473.3 million bonus ordinary shares, or its Class C non-voting shares on or around Aug 19.
On Aug 14, GEH said its minority shareholders owning 29.7 million shares have opted to receive the bonus issue. GEH’s shareholders holding 5,423 shares, voted to receive the Class C shares.
On Aug 19, GEH allotted and issued 29.7 million bonus ordinary shares and 443.6 million Class C non-voting shares to entitled shareholders, two days before the resumption of trading.
See also: Singapore banks' weak risk-return clouds Greater China ambitions
Shares in GEH last traded at $13.70 (equivalent to a pre-bonus price of $27.40) as at the mid-day break, which represents a five-year high. GEH traded at $25.80 before the suspension; the voluntary general offer priced GEH at $25.60.
See also:
- Great Eastern Holdings to issue 29.7 mil bonus ordinary shares and 443.6 mil Class-C non-voting shares (Aug 19)
- Great Eastern Holdings to resume trading at 9am on August 21 subject to SGX approval (Aug 14)
- The recommendation: Do not opt for Class C shares, says GEH group CFO (July 28)
- Great Eastern Holdings to issue bonus ordinary shares and Class C shares around Aug 19; declares 1H dividend of 50 cents (July 28)
- Great Eastern Holdings update: OCBC, the Wongs and SGX are winners (July 8)
- OCBC: No intention to convert Class C shares to ordinary shares (June 23)
- Great Eastern Holdings: The maths is down to the wire (June 12)
- OCBC’s offer for GEH has a ‘good chance of being accepted’, says RHB (June 10)
- IFA of Great Eastern’s delisting says offer is fair and reasonable; independent directors recommend shareholders to vote (June 9)
- Great Eastern given till Sept 30 to complete proposed transactions (June 6)
- SIAS ‘disappointed’ with new GEH outcome, says shareholders left without clear resolution framework or timeline (June 6)
- Great Eastern to restore free float if final exit offer of $30.15 is rejected (June 6)
- Great Eastern plans to delist firm with higher OCBC-backed bid (June 5)
- Investor questions rationale of extending trading suspension of Great Eastern Holdings (Feb 3)
- Great Eastern given till May 25 to comply with free float rule (Jan 24)
- Great Eastern to have till January 2025 to comply with free float rule (Oct 21, 2024)
- Great Eastern granted deadline extension to explore options for free float rule (Aug 2, 2024)
- GEH to be suspended on July 15 but OCBC will continue to accept GEH shares for further three months (July 12, 2024)
- OCBC explains rationale behind offer price of $25.60 for GEH shares (June 27, 2024)
- As Great Eastern's free float falls below 10%, it may need to restore free float (June 24, 2024)
- SIAS writes to OCBC asking for clarity on its offer for GEH (June 21, 2024)
- Interest in insurers picks up as SGX loses Great Eastern (June 20, 2024)
- OCBC's final offer of $25.60 for GEH is 'not fair but reasonable' says EY; advises shareholders to accept (June 14, 2024)
- GEH-OCBC offer update: no requirement to announce level of acceptances (June 14, 2024)
- EY, former auditor of Great Eastern tapped as IFA on OCBC’s Offer, Bloomberg says (May 23, 2024)
- Great Eastern’s 20th anniversary puzzler (May 16, 2024)
- ‘Not cheap’, ‘no value’ but market excited: OCBC’s GEH bid divides analysts (May 16, 2024)
- With 1% stake in Great Eastern, Malaysia's Sungei Bagan Rubber Co sees shares jump to record high (May 10, 2024)
- Great Eastern shares extend gains to trade slightly above OCBC's offer price (May 10, 2024)
- OCBC makes privatisation bid for Great Eastern with $25.60 offer price (May 10, 2024)
