Before this, Quartz was a substantial shareholder of Sunningdale, owning at one point a high of about 15.95 million shares, or 8.284%, as at Jan 19.
Jan 19 was also the day that Sunningdale shareholders voted to allow Koh and Loke to acquire the company via offeror Sunrise Technology, at an offer price of $1.65 per share or 1,650 shares in Sunrise.
SEE:Sunningdale Tech needs to pivot fast; additional capex required: Koh Boon Hwee
The fund then started to pare down its holdings in the company from Jan 21, selling steadily - barring one buy transaction of 1,000 shares - to 15.15 million shares as at Feb 18.
On Feb 22, Quarz then sold about 1.73 million shares before ceasing to be a substantial shareholder in Sunningdale as of Feb 23.
Before the shareholders' vote, Quarz had written an open letter on Jan 14 when the Sunningdale offer stood at $1.55 and 1,550 Sunrise shares.
They questioned whether the offer was a “lowball” by Koh and Loke and threw light on the redesignation of Loke from independent director to non-independent director after the offer was made in November 2020. The offer was then improved to $1.65.
Read more on the Sunningdale privatisation here:
Koh Boon Hwee succeeds in Sunningdale privatisation offer, shares to stop trading on Mar 8
Sunningdale Tech needs to pivot fast; additional capex required: Koh Boon Hwee
