On Oct 7, the company announced that it had lost its free float at the close of the market, with only 9.47% of the company’s shares in public hands. The news came after E2I bought 139,300 shares from the market on the same day at 36 cents apiece. The purchase brought the total stake of E2I and its concert parties to 90.53%.
Before the offer announcement date, E2I controlled about 74.1% of the total number of shares, or 1.86 billion shares.
The release states that E21 has received valid acceptances in respect of 2.29 billion shares, or about 91.07% of the total number of issued shares as at Oct 16.
As a recap, Silverlake Axis announced on Aug 26 that it is offering 36 cents per share to its shareholders in a bid to take the company private. Shareholders had two options: 36 cents per share, or a mix of 30 cents in cash and one new redeemable preference share in capital.
See also: Q&M issues letter of demand to Aoxin Q&M’s group CEO
Shareholders have until Oct 21, 5.30pm to accept the offer.
As at 9.00am, shares in Silverlake Axis are trading flat at 36 cents.
