Offeror E2I will compulsorily acquire all the shares of shareholders who have not accepted the offer
SOFTWARE company Silverlake Axis will soon be delisted from the mainboard of the Singapore Exchange (SGX) following the close of its voluntary unconditional offer on Monday (Nov 18).
As at 5.30 pm on Monday, the total number of shares owned, controlled or agreed to be acquired by the offeror E2I, as well as valid acceptances of the offer, amounted to 2.5 billion shares. This represents 98.3 per cent of total shares.
This means that less than 10 per cent of Silverlake Axis’ shares are now held by the public, and trading of the company’s shares will be suspended.
SGX requires companies to ensure that at least 10 per cent of their total number of shares are held in public hands, a rule also known as the free float requirement.
Accordingly, E2I is entitled – and intends to – compulsorily acquire all the shares of shareholders who have not accepted the offer, said the company in a bourse filing on Monday. Silverlake Axis will be delisted after the compulsory acquisition of these shares.
E2I made the voluntary unconditional offer to take the company private at S$0.36 in cash per share in August. It described its offer as an opportunity for shareholders who have found it difficult to exit their investment because of the counter’s low trading liquidity.
E2I is wholly owned by Silverlake’s controlling shareholder Zezz FundQ and led by its chairman Goh Peng Ooi.
Shares of Silverlake closed at S$0.37 on Monday, up 1.4 per cent or S$0.05, before the news.
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