The offer price of 94 cents is a premium of 11.9% over Grand Venture's May 30 closing price of 84 cents, just prior to its holding statement that a potential share transaction is underway.
These shareholders have given their irrevocable undertakings to accept the offer, unless there is a competing offer of at least $1.0341 per share and that Aalbert does not match, or betters its current offer.
Aalberts plans to delist and privatise the company so as to enjoy greater control and flexibility.
The offer is made via a scheme of arrangement in which the approval of a majority in number of the shareholders representing at least 75% in value of shares held by shareholders present and voting either
in person or by proxy at the scheme meeting.
See also: Investors should accept ‘very good’ privatisation deal ahead of future uncertainty: FHT
Zico Capital Pte. Ltd. has been appointed as the independent financial adviser.
