[SINGAPORE] The controlling shareholders of Ossia International – group executive chairman Goh Ching Wah, chief executive Goh Ching Huat, and non-executive director Goh Ching Lai – have made an unconditional offer on Thursday (May 15) to take the lifestyle products retailer and distributor private at S$0.16 a share.
The joint offerors are brothers; and collectively, they hold stakes totalling 84.79 per cent in Singapore mainboard-listed Ossia.
Goh Lee Choo, their sister, who holds 1.27 per cent interest in the company, is a concert party in relation to this cash offer.
The offer price is a premium of about 41.6 per cent over the last traded price of S$0.113 on May 9, prior to Ossia’s request for a trading halt on May 13 before the market opened.
It is higher than the S$0.145 a share in last year’s offer made by the trio, who owned 75.3 per cent of the company then.
Their latest offer is a premium of 20.4 per cent over the volume weighted average price of the shares for the three-month period and 16.4 per cent for the six-month period leading up to the last full trading day.
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The Gohs said that this is an opportunity for shareholders to realise their investments at a premium without incurring brokerage costs.
They also commented that this presents an opportunity for shareholders who may find it difficult to exit their investments due to low trading liquidity.
Ossia faces a challenging environment in Singapore and abroad amid an uncertain economic climate stemming from tariff turmoil and geopolitical tensions, the offerors said.
Should the acceptance exceeds 90 per cent, the offerors intend to exercise their right of compulsory acquisition and not to take any steps to restore Ossia’s public float.
Ossia requested on Thursday evening that trading halt be lifted.
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