Plato Capital is undertaking a voluntary delisting exercise to take the company private by way of a selective capital reduction exercise, which entails the cancellation of the issued shared ordinary shares in the capital of the company.
Plato Capital will be reducing the issued and paid-up share capital of the company by $6.38 million and cancelling about 2.1 million shares. The exit offer price is $3.05 for each share, and Plato Capitalsays that this offer is final.
The company says that the exit offer provides an exit option for shareholders who wish to realise their entire investment in the shares but find it difficult to do so as a result of the low trading volume.
The offer price is approximately 111.81% over the last transacted price per share of $1.44 on May 23, 2025, being the last trading day. It represents a premia of 107.48%, 58.03%, 55.61% and 56.41% over the volume weighted average price per share for the one, three, six and twelve-month periods, respectively.
Plato Capital will convene a general meeting to obtain shareholders’ approval for the delisting, and the resolution has to be approved by a majority of 75% of the total number of issued shares.
Shares in Plato Capital closed flat at $1.44 on May 26.
