The offerer, Final Chance Holdings, has on its board of directors Mohamed Salleh, his son Amal, and his daughters Nadia, Sofia and Radiah.
They believe that privatising the company will provide the family and Second Chance with greater management flexibility to manage the business of the group, allowing them to respond to changing market conditions and optimise the use of the company’s management and resources.
Second Chance has a total issued and paid-up share capital of approximately $174.7 million comprising 927,795,798 shares. The offer is unconditional as Mohamed Salleh and his family hold 85.07% of the company’s shares.
According to the offeror, the trading volume of Second Chance’s shares has historically been low, with an average daily trading volume of approximately 11,143 shares, 13,680 shares, 15,935 shares and 41,139 Shares for the 1-month, 3-month, 6-month and 12-month periods, respectively, up to and including the last trading day. These represent less than 0.01% of the total issued shares as at July 10.
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Final Chance intends to make the Second Chance its wholly-owned subsidiary.
Shares in Second Chance were trading at 21.5 cents as at 12pm on July 10.
