Grand Venture Technology will hold its scheme meeting at 2.30pm on Sept 17, where shareholders will vote on Dutch firm Aalberts Advanced Mechatronics’ 94-cent per share offer for all of Grand Venture Technology’s shares.
The meeting will be convened and held in a wholly physical format at 2 Changi North Street 1. Shareholders will not be allowed to participate virtually. That said, shareholders who won’t be able to make it, will have till 2.30pm on Sept 14 to submit their proxy forms.
On July 10, Grand Venture Technology announced that the Dutch firm offered to buy all of Grand Venture Technology’s shares, which valued the company at $318.9 million.
The offer price represents a premium of 11.9% over the SGX-listed company’s closing price of 84 cents as at May 30.
Key shareholders, including investment firm Novo Tellus and founder Ricky Lee and CEO Julian Ng, have already committed to sell their combined stake of 64.24%.
The scheme will require shareholders holding at least 75% in value of their shares present and voting either in person at the meeting or by proxy.
According to the scheme document, the court hearing to approve the scheme will take place on or around Oct 6, with the last trading day of Grand Venture Technology’s shares expected to happen on Oct 9.
The record date is likely to take place on Oct 21, while shareholders can expect to receive payment on or around Oct 31. Grand Venture Technology’s shares are expected to be delisted on or around Nov 4 if the scheme arrangement goes through.
Shares in Grand Venture Technology closed 0.5 cents higher or 0.54% up at 93 cents on Sept 1.
