Mohamed Salleh and family to compulsorily acquire Second Chance after loss of free float
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Mr Mohd Salleh Marican and his family said they intend for the company to continue to develop and grow its existing businesses.
PHOTO: BERITA HARIAN FILE
Crystal Heng
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SINGAPORE - The offerors of Second Chance Properties – chief executive Mohamed Salleh Marican and his family – will be making a compulsory acquisition of all the shares of the company.
As at 6pm on Sept 12, the total number of shares owned, controlled or agreed to be acquired by Mr Salleh and his family, as well as valid acceptances of the offer, amounted to 915 million shares.
This represents about 98.62 per cent of the total number of shares of Second Chance in issue.
Shareholders who have not accepted the offer have until 5.30pm on Sept 27 to do so.
Earlier in July, Mr Salleh and his family launched a voluntary unconditional offer to take the mainboard-listed real estate company private at 30 cents per share in cash.
As more than 90 per cent of its shares have been or will be acquired, the company no longer meets the Singapore Exchange’s (SGX) free-float requirement, under which an issuer must ensure at least 10 per cent of its total number of issued shares are held by the public.
This means that Second Chance owners can take the company private and it “will in due course” exercise its right of compulsory acquisition.
Subject to the completion of the compulsory acquisition, the offeror intends to make an application to SGX to delist the firm, at a date to be announced in due course.
When the privatisation offer was first announced, Mr Salleh and his family said the firm’s shares have low trading liquidity and it has incurred costs related to maintaining its listing status which could be avoided if delisted. The offer price represented premiums of about 40.8 per cent, 37 per cent, 33.3 per cent and 28.2 per cent over the one-month, three-month, six-month and 12-month volume-weighted average prices, respectively, up to and including the last trading date prior to the offer announcement.
Mr Salleh and his family said that they intend for the company to continue to develop and grow its existing businesses.
Shares of Second Chance closed flat at 30 cents on Sept 13. THE BUSINESS TIMES
