Halcyon Agri announced, on Aug 23, that it was unable to restore the free float despite its “extensive efforts and exhausting the various options by the deadline”. To this end, the company would not be applying for a further extension of time to comply with the listing rule.
On Nov 16, 2022, China Hainan Rubber made a cash offer to acquire 574.2 million shares in Halcyon Agri for a total cash consideration of US$180.9 million ($248.7 million at the time) or 44 cents per share.
The number of shares acquired by China Hainan Rubber represents 36% of the total issued and paid-up share capital of Halcyon Agri.
In February 2023, China Rubber Investment Co Ltd, a direct wholly-owned subsidiary of Hainan Rubber, announced a mandatory conditional cash offer to acquire all the paid-up ordinary shares other than those already owned at 41.3 cents in cash.
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As at the close of the offer on April 24, 2023, the total number of shares owned, controlled or agreed to be acquired by China Rubber Investments and valid acceptances to the offer amount to an aggregate of 1,086,256,025 shares, representing approximately 68.103% of the total number of shares in the company.
Accordingly, as less than 10% of the company’s shares are held by the public, trading in its shares has been suspended since April 25, 2023, at 41 cents.
