The offshore services provider announced in a regulatory filing that the offeror, Ocean International Capital, had received valid acceptances amounting to approximately 90.74% of the total issue share capital of Otto Marine.
The offeror can thus exercise its right of compulsory acquisition to acquire all the shares held by the non-assenting shareholders.
“The company wishes to announced that the SGX has confirmed that the date of the delisting of the company from SGX will be 7 October 2016,” Otto Marine said.
In June this year, Otto Marine announced the intention to delist after it welcomed an exit offer deal made by Yaw, the controlling shareholder owning 61.2% of Otto Marine’s total issued share capital.
Yaw’s Ocean International Capital made an exit offer price of SGD0.32 ($0.24) per share for Otto Marine. The exit offer price represents a premium of 39.13% over Otto Marine’s price per share on 1 June 2016, ahead of the exit offer announcement.
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