Firm behind reverse takeover of Pteris Global will not revise offer

The parent of the company that is making a reverse takeover (RTO) of Pteris Global has come out to say that it does not intend to renegotiate the deal.

Chinese manufacturer China International Marine Containers (CIMC) said this in a letter in response to a move by Pteris major shareholder and director Winston Tan to remove five fellow directors over the RTO deal at an extraordinary general meeting (EGM) on April 25.

Tianda Group, which makes passenger boarding bridges at airports, proposed an RTO of Pteris last year.

Tianda is owned by CIMC.

In its letter, CIMC noted the assertions by Mr Tan that the RTO was not favourable to shareholders. It also umbrage at remarks that Mr Tan's team "can push for better terms of the RTO".

"CIMC wishes to make its position clear that the terms of the proposed RTO had been negotiated carefully over a lengthy period and represents a legally binding agreement subject to shareholders' approval."

CIMC, which is the single largest shareholder of Pteris with a stake of 15 per cent, said it would not take part in any further negotiations to change the terms.

"Furthermore, if the five directors are removed at the EGM or not re-elected at the following annual general meeting, CIMC will take this as a lack of support from shareholders for the proposed RTO and will take the necessary steps to protect its interests."