SINGAPORE - Steel trading and property company LTC Corporation announced on Monday morning (Nov 26) that it will go ahead with voting on its proposed delisting after receiving confirmation from the Singapore Exchange's (SGX) regulation unit that it would be subject to existing voluntary delisting rules.
On Nov 14, LTC Corp adjourned its extraordinary general meeting (EGM) before the delisting resolution could be voted on. It noted in an announcement the next day that SGX Regco had issued a consultation paper on Nov 9 to solicit feedback on proposed amendments to voluntary delisting rules, and LTC Corp was evaluating its options with its advisers and the offeror, Mountbatten Resources Pte Ltd.
In its SGX filing on Monday, the company cited SGX's statement in a BT report on Nov 16 that it could not declare a moratorium on delistings until after its public consultation is finished. After consulting with SGX RegCo to confirm that LTC Corp's proposed delisting would be subject to existing rules rather than any amended ones, the company said it will convene the adjourned EGM on Dec 11 to vote on the delisting resolution.
It will be held at Ballroom A, Swissotel Merchant Court, 20 Merchant Road, Singapore 058281 at 9.30am on Dec 11. The revised notice for the adjourned EGM will be despatched to shareholders of the company on Monday, and an electronic copy is available on the SGX website.
In light of the adjourned EGM, the closing date for the exit offer has been extended to 5.30pm on Dec 27 or such later date as may be announced by or on behalf of the offeror. All other terms of the exit offer set out in the exit offer letter remain unchanged.