The Singapore Exchange Regulation (SGX RegCo), on March 22, says Boustead Projects must restore its free float after its shares were suspended after the close of its privatisation offer by Boustead Singapore.
In its filing, SGX RegCo referred to its regulator’s column in July 2019 that detailed the things companies needed to do when applying to go private.
Some of the rules include a fair and reasonable exit offer, as well as the approval of at least 75% of the total number of issued shares held by independent shareholders were part of the conditions behind SGX’s approval to a voluntary delisting. The independent financial adviser (IFA) must also opine that the exit offer is both fair and reasonable.
Boustead Singapore F9D , on March 20, announced that it had received valid acceptances of over 90% of the total number of shares in Boustead Projects on March 17. With less than 10% of Boustead Project’s shares now held by the public, Boustead Singapore will proceed with its intention to privatise and delist the company from the SGX-ST.
On March 13, Boustead Projects’ IFA PrimePartners called the offer by Boustead Singapore “not fair” but “reasonable”.
Boustead Singapore had upped its privatisation offer to 95 cents per share from 90 cents initially.
Shares in Boustead Projects last traded at 95 cents before the loss of its free float while shares in Boustead Singapore closed 0.5 cents higher or 0.59% at 85 cents on March 22.
