January 22, 2018
You can use WP menu builder to build menus


KUALA LUMPUR (Jan 12): Hovid Bhd managing director David Ho Sue San and private equity group TAEL Partners Ltd have managed to accumulate 645.23 million shares or a 78.61% stake in the company at the closing date of acceptance.

In a filing with Bursa Malaysia today, Hovid said 368.43 million shares or 44.89% of its total share capital have been received by the joint offerors up to 5pm today, bringing their shareholding to 78.61%, from 276.80 million shares or a 33.72% stake on Oct 9 last year when the offer document was despatched.

Hovid said the joint offerors received additional acceptances of 7.74 million shares or 0.94% stake after 5pm today. These acceptances are subject to verification.

In terms of Hovid’s warrants, the joint offerors have accumulated 270.16 units or 83.84% of the company’s outstanding warrants, up from 43.57% or 140.39 units on Oct 9 last year.

The joint offerors received acceptance of another 1.23 million units or 0.38% of total outstanding warrants after 5pm today, which are also subject to verification.

On Oct 9 last year, Ho and TAEL — via its special purpose vehicle Fajar Astoria Sdn Bhd — made a voluntary takeover offer for the rest of Hovid shares not owned by them at 38 sen per share and 20 sen per warrant.

The joint offerors also expressed at the time of offer that they do not wish to maintain the listing status of Hovid.

When the offer was made in October, the joint offerors held some 33.72% of the company. Since then, the acceptance condition for the offer has been lowered twice — from 90% originally to 75% and then to 67%.

Similiarly, the closing date for the offer was extended three times — from the original deadline of Nov 20 to Dec 4, and then to Dec 7 and finally to Dec 29 last year.

The takeover offer turned unconditional on Dec 20 last year, when the level of acceptances of the offer reached 68.2%, and the joint offerors had to keep the offer open for acceptances for at least another 14 days until today.

Hovid’s shares closed 1.5 sen or 4% lower at 36 sen today, giving it a market capitalisation or RM295.52 million, while its warrant-B also declined 0.5 sen or 2.56% to 19 sen.



Source link

admin

No Comments

You must be logged in to post a comment.

Show Buttons
Hide Buttons
%d bloggers like this: