Challenger's minority shareholders say its cash exit offer too low

Challenger Technologies, which has 38 stores in Singapore, said delisting makes sense given it has not carried out any capital-raising exercise since 2007 and is unlikely to require access to funding to finance operations in the future. PHOTO: ST FILE
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SINGAPORE - Minority shareholders of Challenger Technologies are crying foul on what they claim is a cheapskate offer price to buy their stock so the IT retailer can delist.

Among them is Singapore-based fund management company Pangolin Investment Management, which strongly advised shareholders two weeks ago to reject the exit offer of 56 cents a share at an upcoming extraordinary general meeting.

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