S$0.01 Offered Per Warrant as Part of Unconditional Cash Offer for Shares
Viking Offshore and Marine warrant holders have been presented with a new proposal as part of an ongoing mandatory unconditional cash offer for shares in the Catalist-listed company. On December 6, the joint offerors proposed S$0.01 for each warrant, which entitles the holder to subscribe for one new share at S$0.50 per share.
This proposal follows the earlier offer announcement made on November 18 by the offerors — Toh Kok Soon, Synergy Supply Chain Management, Irelia Management, Tristan Management, and Subtleway Management. The cash offer was made after the offerors acquired a roughly 87% stake in Viking Offshore and Marine.
Warrant holders now have several options: they can exercise their warrants to participate in the offer, accept the latest proposal for their warrants, or take no action and allow the proposal to lapse. Those wishing to exercise their warrants must submit the relevant certificates to M & C Services Pte Ltd before the closing date of January 3, 2022. Warrant holders who wish to accept the proposal must do so before the same date.
The independent financial adviser, along with the independent Viking directors, will provide their views within 14 days, as stated by UOB Kay Hian, which is acting on behalf of the offerors.
Viking Offshore and Marine shares closed at S$0.125 on Monday, marking a rise of 13.64%.
