Another Procurri shareholder to vote against Novo Tellus' partial offer

SINGAPORE (THE BUSINESS TIMES) - Procurri has received a letter from ICH Gemini Asia Growth Fund dated April 21 indicating that it intends to vote against private equity firm Novo Tellus' partial offer of 36.5 Singapore cents per share.

ICH Gemini is a shareholder of Procurri, and owns about 3.9 per cent of the mainboard-listed enterprise hardware supplier.

This comes after Novo Tellus released a statement on Wednesday stating that its offer price of 36.5 cents per share was final, except in the case of a competitive situation.

ICH Gemini is the second shareholder to indicate the intention to vote against Novo Tellus' partial offer.

Last week, Declout, a substantial shareholder of Procurri which owns 21.2 per cent of Procurri's shares as at April 13 said that it intended to vote against Novo Tellus' partial offer.

Novo Tellus held 19.5 per cent of Procurri as at the offer announcement date of March 15. A concert party, a company called ACT Holdings, held another 9.2 per cent of Procurri. The partial offer was launched to acquire an additional 27.9 per cent of Procurri's shares.

Procurri's management holding a collective 11.8 per cent of the company has agreed to vote in favour of the offering.

As at 10.17am on Thursday, shares of Procurri were trading flat at 35.5 cents.