Offeror does not intend to revise offer price nor or extend offer beyond closing date
[SINGAPORE] Q&M Dental Group said on Monday (May 19) that its mandatory unconditional cash offer to acquire all the shares it does not already own in its subsidiary Aoxin Q&M at S$0.0321 per share will close at 5.30 pm on Jun 16.
Q&M Dental Group, the offeror, does not intend to revise the offer price or extend the offer beyond the closing date.
The group added that it has electronically disseminated the formal offer document to shareholders on Monday.
The offeror concert party group currently holds an aggregate of 2.6 million shares, representing approximately 50.5 per cent of the total number of issued shares.
The offeror concert party group comprises Q&M Dental Group and its directors; its parent group, Quan Min Holdings; Dr Ng Chin Siau, the group chief executive officer; as well as his wife; and Ng Sook Hwa, the chief financial officer of the group. Ng Sook Hwa is also the sister of Dr Ng.
The offeror added that it currently intends to maintain the present listing status of the company on the Singapore Exchange following completion of the offer.
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If the offer is fully accepted, Q&M Dental Group will pay about S$8.1 million for the offer shares.
This development came after Q&M Dental Group increased its stake in Aoxin Q&M from 33.33 to 50.53 per cent.
In accordance with Rule 14.1 of the Singapore Code on Take-overs and Mergers, Q&M is required to make a cash offer for all remaining shares not already owned, controlled, or agreed to be acquired.
Shares of Q&M Dental Group closed 1.5 per cent or S$0.005 lower at S$0.33 on Monday before the announcement.
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