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A VOLUNTARY conditional cash offer of S$1.65 per offer share has been made to delist and privatise Auric Pacific Group, the mainboard-listed food manufacturing and retail company whose brands include Sunshine Bread and Buttercup.
The offer is made by Silver Creek Capital, an investment holding entity jointly owned by Stephen Riady and Andy Adhiwana. According to a filing made to the Singapore Exchange (SGX) on Tuesday, the offer price is final.
Dr Riady and Dr Adhiwana are executive directors and controlling shareholders of Auric Pacific Group, of which Dr Adhiwana is the group chief executive officer.
As at Tuesday, Silver Creek Capital does not hold any shares in Auric Pacific Group. Dr Riady holds, indirectly through Lippo China Resources, some 61 million shares in Auric Pacific Group, representing 49.28 per cent of the total number of shares in issue. Dr Adhiwana holds, indirectly through Goldstream, some 34 million shares in Auric Pacific Group, representing 27.44 per cent of the total number of shares.
In the SGX filing, it is said that there is opportunity for minority shareholders of Auric Pacific Group to realise their investment in the company for a cash consideration at a "significant premium" above the historical market share prices, without incurring any brokerage and other trading costs.
"The closing price of the shares have not been at or above the offer price since December 1999. The offer price represents an approximately 13.4 per cent premium above the closing price on the last traded day, being Feb 3, 2017, prior to the announcement, and an approximately 17.8-, 23.8-, 35.8- and 59.6-per cent premium above the volume weighted average price per share for the one-month, three-month, six-month and 12-month period prior to and including the last traded day, respectively."
Auric Pacific Group, in a separate SGX filing in relation to the cash offer, said that it is currently exploring a possible impairment of intangible assets comprising customer relationships arising from the acquisition of the Food Junction business and certain leasehold improvement and equipment in its Delifrance factory in its full-year results for the financial year ended Dec 31, 2016.
The company added that the unaudited carrying amounts as of Dec 31, 2016, of customer relationships arising from the acquisition of the Food Junction business and certain leasehold improvement and equipment in its Delifrance factory under review, amount to S$2.4 million and S$2.7 million respectively.