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.
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

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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