Amos Group has lost its free float at the close of Nov 5 after shares in public hands fell below the mandatory 10%. As at Nov 5, the group’s offeror, PeakBayou, owned 189,707,645 shares in Amos Group representing a stake of 91.06%.
The group’s offer will also now close at 5.
On Sept 25, PeakBayou, a private equity fund wholly-owned by Hong Kong-based ShawKwei & Partners, offered to privatise the marine offshore solutions group at 7 cents apiece. The directors of PeakBayou are Kyle Arnold Shaw, Jr and Niko Antti Olavi Ratala. Shaw is also the executive chairman of Amos Group.
In its offer document released on Sept 25, the offeror said it intended to seek a delisting from the Singapore Exchange S68 (SGX) if the free float requirement is not met. It also does not intend to take any steps to maintain Amos Group’s listing status should its shares be suspended once the group loses its free float.
Further to the document, it added that there will be more flexibility for Amos Group to “optimise its resources and protect its competitiveness to navigate the increasingly complex environment” upon its delisting. “The group will also be able to make strategic investments, improve operational efficiency, and enhance financial flexibility, enabling it to better adapt to market changes and seize new opportunities.”
The group’s offer will now close at 5.30pm on Nov 21 from Nov 7 previously; the trading of its shares will also only be suspended at the close of the offer.
Shares in Amos Group closed at 7 cents on Nov 5.
