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Cash offer
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zhuge_liang
Supreme |
25-Oct-2007 23:37
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Gate Electronics said that a mandatory unconditional cash offer was triggered after a director and controlling shareholder of the company agreed to sell a total of 43.4 million shares or 62.6% of its issued share capital at $0.30 each to Bobby Lim and Ma Ong Kee. The buyers exercised their call options at $0.30 that would trigger a general offer at $0.30. They intend to keep only about 51% of the shareholding of the company and hence, plan to place out to third parties about 12.13% of the companies' issued share capital at a price not exceeding the offer price after the close of the mandatory offer. They also plan to preserve Gate Electronics' listing status. |
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