Wednesday, June 2, 2010

Texchem delisting delayed?


The Board refers to the announcements made by the Company on 8 February 2010 and 3 March 2010 in relation to the Delisting and the Exit Offer (“Announcements”).

The Board wishes to inform Shareholders that the Singapore Exchange Securities Trading Limited has informed the Company that in light of the independent financial advisor’s opinion that the financial terms of the Exit Offer, on balance, are not reasonable, it is unable to review and clear the draft Circular as it considers that the proposed Delisting in its present form does not meet with the requirement of Rule 1309(1) of the Listing Manual, which requires that a reasonable exit alternative be offered to Shareholders and holders of any other classes of listed securities to be delisted.

The Company has been informed by the Offeror, Texchem Resources Bhd, that it is considering the next course of action and will inform the Company in due course. It is possible that the Offeror may revise or withdraw the Exit Offer completely.

Shareholders are advised to exercise caution when dealing in the Shares and refrain from taking any action in relation to their Shares which may be prejudicial to their interests. Persons who are in doubt as to the action they should take should consult their stockbroker, bank manager, solicitor or other professional advisers.

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1 comment:

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