SINGAPORE - Prime Trade Enterprises (PTE), a shareholding vehicle of the Thakral family, has secured shareholder approval for its partial offer for Thakral Corp's shares, it said in a Singapore Exchange (SGX) filing on Monday night.
About 47.5 million votes representing the same amount of shares were cast, with about 75 per cent, or 35.6 million voting in favour of the offer.
PTE had made a bid for 26.5 million shares at $0.50 apiece in Thakral Corporation, a diversified manufacturing, logistics and property development firm. Thakral shares were up 1.1 per cent, or $0.005, to $0.46 as at 11.35am on Tuesday.
PTE already owns about 39.2 million shares, or about 30 per cent of issued shares. The offer will bump its stake in Thakral up to about 50.2 per cent.
Submission of votes and acceptances from shareholders closed on April 22, 2019, with PTE receiving valid acceptances of 17.3 million relevant percentage offer shares and 35.8 million excess shares for a total of about 53 million shares, which represents about 40.5 per cent of total issued shares.
After taking up the relevant percentage offer shares, PTE can only take up excess shares up to the point it reaches the partial offer cap of 26.5 million total shares (i.e. a maximum of 9.2 million excess shares).
After settlement of the offer shares, SGX will establish a temporary trading counter for one month for the trading of board oddlot shares. The counter will open on April 30 and close on May 30.