LTC Corp buyout offer closing date extended to May 11

SINGAPORE - The closing date for the offer to buy out LTC Corporation's shareholders has been extended again to May 11 at 5.30pm.

As at 5pm on April 24, Mountbatten Enterprises, the bid vehicle for the offer, and its concerted parties have a 85.71 per cent interest in the mainboard-listed company, which engages in property rental and development, as well as steel trading in Singapore and Malaysia.

The buyout offer was declared unconditional on April 9.

Mountbatten Enterprises intends to exercise its compulsory acquisition right if it receives an acceptance rate of 90 per cent.

If it doesn't attain the 90 per cent acceptance rate, it intends to seek a voluntary delisting from the Singapore Exchange.

The offer price of S$0.925 for each offer share is final and was previously deemed by its independent financial adviser, Asian Corporate Advisors, to be "fair and reasonable".

Mountbatten Enterprises is owned by LTC Corporation's controlling shareholders - its managing director Cheng Yong Liang and his brothers Cheng Yong Kim, Cheng Yong Kwang and Cheng Yoong Choong - along with Lion Investment (Singapore) and Lion Realty.

Lion Investment and Lion Realty are family investment vehicles, majority owned by the Cheng brothers.

LTC was trading at S$0.92 as at 1.29pm.