LTC Corp exit offer to close on Jan 31 after extension

SINGAPORE - The controlling family of LTC Corp has extended its $0.925 per share exit offer for the steel trading and property group to the end of the month, according to a filing on Tuesday morning (Jan 8) before the stock market opened.

The new deadline is now 5.30pm on Jan 31, from the previous deadline of 5.30pm on Jan 10. The new deadline may not be final.

Trading in LTC stock was to be suspended from 9am on Jan 11, based on the Jan 10 deadline. LTC has not said if the suspension date will be postponed as a result of the new deadline for the exit offer.

The offeror, Mountbatten Resources, is an investment vehicle for LTC's controlling Cheng family, which successfully obtained approval for a voluntary delisting last month.

As at Dec 27, acceptances for the exit offer amounted to about 89.77 per cent of the total number of shares, including an 88.44 per cent stake held by the offeror's concert parties.

The counter closed flat at $0.92 on Monday.