ICP Limited’s delisting offer has turned unconditional after its shareholders holding 87.59% of the shares in the company voted for the delisting resolution at its extraordinary general meeting (EGM) on June 9.
ICP needed shareholders holding at least 75% of the company’s shares to approve the delisting at the EGM. Once the approval is sought, ICP will delist from the Catalist board, irrespective of the number of acceptances received.
The company’s controlling shareholder, Aw Cheok Huat, had presented a formal proposal to its board to seek the voluntary delisting of the company on April 19. Aw’s proposed exit cash offer of 0.9 cents per share represented a premium of 16.88% over the volume weighted average price (VWAP) of 0.77 cents for the one-period up to and including April 1.
As at 6pm on June 9, Aw received valid acceptances of 116.5 million shares representing a 3.49% stake in the company.
As at April 19, Aw and his concert parties collectively owned or controlled some 2.01 billion shares or 60.2% of ICP’s total issued shares.
The exit offer will remain open till 5.30pm on June 23 and the deadline will not be extended.
See also: Shareholders of ESR Group vote in favour of privatisation with 99.97% approval
Shares in ICP closed at 0.9 cents on June 9.
