OFFSHORE oil and gas equipment manufacturer Amos Group on Wednesday (Nov 20) extended the deadline for shareholders to accept the offer made by its controlling shareholder to 5.30 pm on Dec 12.
This is its second and final extension of the closing date. The closing date was initially extended from Nov 7 to Nov 21, 5.30 pm.
The group in September received a voluntary unconditional general offer of S$0.07 a share in cash from its controlling shareholder, PeakBayou, a private equity fund of Hong Kong-based ShawKwei & Partners, which is in turn majority-owned by Amos Group’s executive chairman, Kyle Arnold Shaw.
As at Wednesday, close to 94 per cent of the shares in Amos Group are owned, controlled, acquired or agreed to be acquired by PeakBayou and parties acting in concert with it.
As the offeror and parties acting in concert hold more than 90 per cent of the shares, trading in the shares of Amos Group may be suspended by Singapore Exchange Securities Trading at the close of the offer, as it no longer fulfils the free-float requirement.
The requirement refers to an issuer having to ensure that at least 10 per cent of its total number of issued shares are held by the public.
The offer document stated that PeakBayou does not intend to preserve the listing status of Amos Group, and does not intend to take steps to resume trading of its shares.
The S$0.07-a-share privatisation offer represents a premium of about 32.1 per cent over Amos’ last traded price of S$0.053. It also represents a premium of 55.6 per cent over the volume weighted average price per share for the one-month period prior to and including the last trading day.
Shares of Amos Group closed flat at S$0.069 as at its last traded day on Nov 19.
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