Otto Marine shareholders back delisting move
Shareholders of Otto Marine have voted in support of a
voluntary delisting offer by executive chairman and controlling shareholder Yaw
Chee Siew.
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15 September 2016
Shareholders of Otto Marine have voted in support of a voluntary delisting offer by executive chairman and controlling shareholder Yaw Chee Siew.
In a poll voting at an extraordinary general meeting on Wednesday, shares representing 98.11 per cent of the 153.82 million shares cast were in favour of the proposed delisting of the offshore & marine (O&M) player. The remaining 1.89 per cent were against, said Otto Marine in a filing to the Singapore Exchange (SGX).
"None of the shareholders of the company were required to abstain from voting on the above," said Otto Marine.
Mr Yaw, through Ocean International Capital (OIC), is making a cash exit offer of S$0.32 per share, representing a 39.13 per cent premium to Otto Marine's last transacted share price of S$0.23 on June 1 prior to a trading halt. Mr Yaw held a total interest of 61.2 per cent in Otto at the time the cash exit offer.
A pre-condition of the voluntary delisting proposal is the redemption of S$70 million Series 002 7% notes issued a Otto Marine subsidiary. Mr Yaw has concurrently offered to redeem these notes subject to the successful completion of the delisting.
In conjunction with the voluntary delisting proposal, Otto Marine has secured consent from note-holders to extend the maturity date for six months from Aug 1 or until the completion of the delisting, and for the waiver of compliance with certain covenants.
The exit offer will remain open for acceptance until 5.30pm (Singapore time) on Sept 30 or such later date(s) as may be announced, Otto Marine said, adding that it will make an announcement in due course on the expected date of share trading suspension.
DMS Corporate Services Pte Ltd was the appointed scrutineer for the EGM.
RHB Securities Singapore acts as the financial adviser to Mr Yaw for the proposed voluntary delisting.
Shares in Otto were last traded at S$0.315 on Tuesday.