New Datapulse chairman’s cash offer turns unconditional with 60.32% shares acquired

SINGAPORE – Mr Ang Kong Meng, Datapulse Technology chairman since a board reconstitution in July, has amassed more than half of the total number of shares and warrants in the company, turning his cash offer unconditional in all respects.

As at 6pm on Thursday, Mr Ang received valid acceptances of about 41.1 million shares, or 17.13 per cent of the total number of shares, as well as 4.4 million warrants, representing 4.95 per cent of the total number of warrants.

This brought the total number of shares owned, controlled or agreed to be acquired by Mr Ang and his concert parties to around 144.6 million, representing 60.32 per cent of the total number of issued shares, and about 51.88 per cent of the maximum potential share capital in the company.

The aggregate number of warrants reached around 54.4 million, or 61.14 per cent of the total number of warrants issued.

Datapulse noted in its bourse filing on Friday that Mr Ang will not extend the Oct 3 closing date of the offer.

Acceptances received after 5.30pm on the day will be rejected.

On Aug 11,

Mr Ang launched a mandatory conditional cash offer

to acquire all the shares of the hotel and hospitality company at a unit price of nine cents, after acquiring some 41.9 million Datapulse shares from the company’s former chairman Aw Cheok Huat via a married deal, which is an off-market transaction between two parties on an agreed price.

As at the offer announcement, Mr Ang had a stake of about 43.2 per cent in the company following the acquisition.

He also made an offer for the warrants at one cent apiece in cash, which was based on the highest amount paid by the offeror and concert parties in the six months prior to the offer announcement date.

The counter closed 7.1 per cent higher at nine cents on Friday.

THE BUSINESS TIMES