The offer to take Neo Group private by its founder and chairman Neo Kah Kiat and his wife Liew Oi Peng has become unconditional in all aspects after the pair gained over 90% of the voting rights attributable to the total number of issued shares in the company on April 19.
See: Neo Group founder to privatise company at 60 cents per share
As at 6pm on the same day, the offeror, Forestt Investment, has received valid acceptances of about 134.3 million shares representing 91.6% of the total number of issued shares.
The percentage includes the 82.26% of shares tendered by Neo and Liew, who are the management shareholders.
As such, the percentage of shares held by the public is around 8.84%, which is less than the requisite 10% under the free float requirement.
Forestt Investment is the offer vehicle set up by Neo and Liew, who are the directors of the offeror. The couple own 76.79% and 5.47% in the company respectively.
Following this, Forestt Investment says it intends to exercise its right to compulsorily acquire all the shares of the shareholders who have not yet accepted the offer.
On March 30, Neo Group announced its intent to privatise the company at 60 cents per share.
The closing date for the offer is now extended to 5.30pm on May 25, 14 days later than its initial date of May 11, 5.30pm.
Shares in Neo Group closed flat at 60.5 cents on April 19.
