THE closing date for the mandatory unconditional cash offer for Halcyon Agri : 5VJ 0% by China Rubber Investment Group, a wholly-owned subsidiary of China Hainan Rubber Industry Group, has been extended to 5.30 pm on Apr 24, the offeror said on Monday (Apr 10). 

China Hainan Rubber launched the offer for Halcyon Agri at S$0.413 per share in February this year. 

This followed a pre-conditional mandatory general offer for 36 per cent of Halcyon Agri’s shares in November last year at US$0.315 per share. 

As at 6pm on Apr 6, the offeror received valid acceptances from its concert parties and shareholders other than the concert parties amounting to 495.8 million shares, translating to 31.1 per cent of the company. 

This brings the total number of shares owned, controlled, acquired or agreed to be acquired by the offeror to 1.1 billion shares or some 67.1 per cent of the company. 

On Mar 17, the offer was declared unconditional after the total number of shares held by the offeror and its concert parties crossed the 50 per cent threshold. 

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Subsequently, Halcyon Agri lost its free float on Mar 22 after less than 10 per cent of its total number of issued shares were held in public hands. 

China Hainan Rubber does not intend for Halcyon Agri to be delisted and privatised following the close of the offer. It is also unlikely that it would be entitled to the right of compulsory acquisition, as substantial shareholder Sinochem International (Overseas) gave an irrevocable undertaking to reject the offer.

Halcyon Agri’s shares rose S$0.01 or 2.5 per cent to trade at S$0.41 as at 2.50 pm on Monday, after the announcement.