Some Great Eastern Holdings G07 (GEH) shareholders have asked both the offeror and GEH why there hasn't been any update of acceptances by the offeror.
According to the reporting requirements under the Securities and Futures Act (SFA), an offeror is not required to disclose its acceptances under the Securities and Futures Disclosure of Interests Regulations.
Hence Oversea-Chinese Banking Corporation (OCBC), the offeror, is exempted from making substantial shareholding notifications in respect of any change in its interest in GEH shares as a result of acceptances received. OCBC would, however, be required to announce any market purchases of GEH shares.
Additionally, OCBC would be required to announce the level of acceptances of the offer by 8.00am on the market day immediately after the day on which the offer is due to expire, is revised or is extended.
Under Note 6 of Rule 28.1 of The Singapore Code on Takeovers and Mergers, an obligation to announce the level of acceptances would also arise if OCBC or any of its concert parties, advisers or agents makes any statement (either orally or in writing) about the level of acceptances of the offer, or if there is a loss of free float.
Shareholders and market watchers are keeping an eye out for GEH's independent financial adviser (IFA), EY, to disclose its recommendation to GEH's independent directors by this evening (June 14).
