SILVERLAKE Axis on Monday (Sep 2) announced that it has appointed PrimePartners Corporate Finance to be its independent financial adviser (IFA) regarding the voluntary unconditional offer received by the enterprise technology company.
The offer from a group led by chairman Goh Peng Ooi aims to take the company private at S$0.36 in cash per share.
Alternatively, shareholders may choose to receive a combination of S$0.30 per share in cash, together with one new redeemable preference share in the capital of the offeror, E2I, for each offer share. E2I is wholly owned by Silverlake Axis’ controlling shareholder Zezz FundQ.
In a bourse filing on Monday, Silverlake Axis said the IFA will advise the directors of the company who are considered to be independent.
These directors will then make a recommendation to shareholders about the offer.
Silverlake Axis said a circular containing the advice of the IFA and the recommendation of the recommending directors will be electronically despatched to shareholders within 14 days of the offer document’s dissemination.
The offer was announced on Aug 26. E2I said its offer presents an opportunity for shareholders who may find it difficult to exit their investment in the company due to low trading liquidity.
Delisting and privatising Silverlake Axis would also provide the offeror and the company with greater control and management flexibility in utilising and deploying available resources, it added.
Shares of Silverlake Axis closed flat at S$0.375 on Monday.
