The offer price represented a premium of around 39.5% over Second Chance Properties’ last-transacted price per share of 21.5 cents on July 9.
Second Chance Properties announced the loss of its free float on Aug 6 after Final Chance Holdings held a 90.53% stake in the company. Accordingly, about 8.82% of the total number of issued shares in Second Chance Properties were in public hands, falling below the regulatory limit of 10%.
