CONSTRUCTION and engineering company Lian Beng Group : L03 0% has clarified that the offeror for its proposed privatisation – the company’s controlling Ong family – is not restricted from making another offer within the next 12 months if its current attempt falls through.

This is because the offer will be unconditional in all respects, said financial adviser UOB on Thursday (Apr 20), in response to media reports.

The 12-month restriction applies to any offer, other than a partial offer, that has been announced or posted but has not become or been declared unconditional in all respects, and has been withdrawn or has lapsed.

Lian Beng also clarified that if the company declares, pays or makes distributions after the offer announcement, the offer amount received by shareholders will remain unchanged.

The company noted that as at the date of this announcement, it has no outstanding unpaid dividends, rights, other distributions or return of capital.

But in the event of any distributions whose record date is after the settlement date of the offer, the offer consideration will remain unadjusted.

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If the company has distributions whose record date is before the settlement date of the offer, the offer consideration will be reduced by the distribution amount per offer share, as the distribution will be paid to the accepting shareholder instead of the offeror.

On Apr 11, Lian Beng’s controlling Ong family, through investment holding company OSC Capital, made a voluntary unconditional cash offer at the offer price of 62 Singapore cents a share, less than half of the company’s net asset value.

Shares of Lian Beng closed 0.8 per cent higher at S$0.675 on Thursday.