SINGAPORE - Corporate secretarial services firm Boardroom will apply on Wednesday to be delisted from the Singapore Exchange's mainboard after its free float dropped below the 10 per cent mark on June 6.
In connection with the proposed delisting, substantial shareholder Symphony House, which owns 7.63 per cent of Boardroom shares, gave an irrevocable undertaking on Tuesday to vote in favour of the delisting if any shareholder meetings are convened.
The undertaking will also see Symphony House holding onto its shares until the takeover offer closes. In addition, it will not be allowed to dispose, grant any rights or options or enter any agreements which transfer any of the legal, beneficial or economic consequences of ownership of its stake in Boardroom.
Salacca, the GK Goh Holdings unit that launched a takeover offer for Boardroom, has earlier said it does not intend to restore the free float requirement for the mainboard-listed company and will seek to delist it. Last month, GK Goh made a voluntary unconditional cash offer for Boardroom at $0.88 per share.
GK Goh's offer for Boardroom shares remains open for acceptances until 5.30pm on June 28.
As at 5pm on Tuesday, some 87.68 per cent of Boardroom shares are controlled or set to be acquired by offeror Salacca and its concert parties, including valid acceptances of the takeover offer.
Boardroom shares closed flat at $0.88 on Tuesday.