Major shareholder makes exit offer for Gems TV

THE major shareholder of suspended Gems TV Holdings is offering 0.408 cents per share to delist the former TV retailer, a month after a planned reverse takeover fell through.

Gems' executive chairman Jason Choo, through his private vehicle Mounting Holdings, priced his offer to match the 0.324 US cents-per-share net tangible asset (NTA) of the company as at March 31, 2014. This values the company at about $4.2 million.

Gems shares last traded at 0.3 cent on March 27 before being suspended.

The exit offer is unconditional. Mr Choo, who already has a 22.35 per cent stake in hand, has no immediate plans for Gems, but will conduct a comprehensive review of the company upon obtaining a controlling interest, Gems…