A group of SHS Holdings’ 566 shareholders who claims to control 23.5% of the shares are calling for an EGM for the company to conduct equal access share buyback offer at a price of 17 cents or up to 50% premium over the average closing share price for the last five market days.
Apart from the above resolution, they are also asking the company to table another resolution on the proposed renewal of the share buyback mandate given that the recent mandate would have lapsed on April 30.
The group of shareholders consists of Stone Robert Alexander, Khoo Thomas Clive, Lee Oon Gim and more.
On the reasoning for the offer, they believe that the company has sufficient resources to undertake the offer and also a mean to reward shareholders by providing them an exit opportunity at a premium to current market price while still below the company’s NAV of 23 cents as of June 30, 2025.
The group of shareholders say that the 17 cents offer price represent about 49% premium to the average closing price over the last five trading days prior to this EGM requisition.
“If fully accepted, we estimate the total cost would be around $10,376,008, which the company can fund it given its cash and cash equivalents stood at $38.14 million as of June 30, 2025,” the group of shareholders claim.
See also: Mencast and Salt Investments to jointly tackle marine waste
The Board of SHS Holdings will provide further update to shareholders when there are material developments on the above requisition.
SHS Holdings shares closed at 11.4 cents on April 24.
