In today’s briefing:
- Moya Holding’s S$0.092 Delisting Offer
- Moya Holdings: Anthoni Salim’s Exit Offer
- Singapore Medical’s Light VGO Offer from Top Management
- Singapore Medical: Management’s Low-Balled Buyout
Moya Holding’s S$0.092 Delisting Offer
- Moya Holdings Asia (MHAL SP) received a delisting proposal from Tamaris Infrastructure (a 72.84% shareholder) at S$0.092 per share, a 41.5% premium to the undisturbed price (8 September).
- The key condition is shareholder approval. Gateway Partners, which holds a blocking stake, will likely use the offer as an opportunity to exit an underperforming investment.
- The offer price is attractive. At the last close price, the gross and annualised spread for a year-end effective date is 3.4% and 11.5%, respectively.
Moya Holdings: Anthoni Salim’s Exit Offer
- Indonesian water treatment play Moya Holdings Asia (MHAL SP) has announced an Exit Offer from Tamaris Infrastructure, an Anthoni Salim-controlled entity.
- The Offer price is S$0.092/share, a 41.5% premium to last close. The Offer price will not be increased.
- The Offer requires approval from 75% of disinterested shareholders. Tamaris and its concert parties hold 72.84%.
Singapore Medical’s Light VGO Offer from Top Management
- Singapore Medical (SMG SP) received a voluntary conditional offer from management (chairman, CEO, exec director). The offer is cash (S$0.37) or scrip (1 new share in the offeror per share).
- The key condition is a 90% minimum acceptance condition. Irrevocables, which will take the scrip option, represent 51.67% of outstanding shares.
- The offer is light, but the offeror reserves the right to reduce the acceptance condition to a lower level (above 50%). Therefore, this offer will likely turn unconditional.
Singapore Medical: Management’s Low-Balled Buyout
- Healthcare provider Singapore Medical (SMG SP) has announced a voluntary conditional general offer from TLW Success, an entity equally controlled by three senior members of management.
- TLW is offering A$0.37/share, a 13.8% premium to last close. Shareholders are afforded an unlisted scrip option.
- TLW shareholders hold 16.49%. Irrevocables another 35.18%, or 51.67% all-in. The Offer is conditional on 90% of shares out held by the Offeror. The acceptance level condition may be reduced.
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