Wheelock Properties (Singapore) is going private after crossing the threshold for delisting by a hair's breadth.
Parent firm Wheelock and Company's stake in Wheelock Properties (Singapore) was 90.1 per cent at the close of the voluntary unconditional general offer at 5.30pm yesterday, according to a Singapore Exchange (SGX) filing.
SGX listing rules state that a company must ensure that at least 10 per cent of the total number of issued shares is at all times held in public hands. That means the company launching a buyout needs to control a stake of at least 90 per cent for the condition to be no longer satisfied. This, in turn, sets a delisting into motion.
At the close of the offer yesterday, valid acceptances amounted to 136,261,655 offer shares, representing about 11.39 per cent of the total number of issued shares.
Shareholders who have not accepted the offer can require Wheelock and Company to acquire their stock at $2.10 in cash.
They must ask that this be done within three months of them receiving specific notifications.
Wheelock Properties shares closed unchanged at $2.10 - the offer price - yesterday before the announcement was made.
Trading has been suspended following the close of the offer.