Coronation 3G’s voluntary conditional cash offer for all the issued ordinary shares of Sim Lian Group (SLG) has become unconditional.
This comes after the overall number of shares owned, controlled or agreed to be got by Coronation 3G and its concert parties amounted to 906.27 million shares, representing around 90.10 percent of the total number of shares as at 5pm on Monday (5 September), meeting the 90 percent acceptance condition.
With this, the offer will stay open for acceptance until 5:30pm on 10 October . Since Coronation 3G doesn’t intend to extend the offer beyond the closing date, any acceptances received after 5:30pm on this date will be rejected.
A Singapore investment holding company, Coronation 3G is owned by the Kuik family and headed by SLG’s Creator and Executive Chairman Kuik Ah Han.
The firm made a voluntary conditional cash offer of S$1.08 per share for all outstanding shares of SLG that it doesn’t already own.
Symbolizing a premium of 26.5 percent and 28 percent above the six-month and 12-month volume-weighted average price (VWAP) respectively, “the offer presents SLG investors with a powerful cash exit opportunity given the illiquidity of its shares”, said Coronation 3G.
SLG shares haven’t traded at or above the offer price since its listing in 2000.