Asian Healthcare Specialists loses free float; offer turns unconditional
ASIAN Healthcare Specialists has lost its free float and will be delisted after offeror Labrador Park obtained 90.63 per cent valid acceptances as at 6 pm on Nov 10.
On Friday (Nov 11), the medical services group said its shares held by the public as at the date of its announcement now stands at 9.37 per cent – less than the requisite 10 per cent, per Catalist rules.
Asian Healthcare Specialists : 1J3 0% announced the evening before that Labrador Park’s privatisation offer for the company had turned unconditional in all respects – having secured over 90 per cent of valid acceptances as well as obtained all consents necessary from third parties.
Labrador Park intends to exercise its right to compulsorily acquire all shares held by the company’s shareholders who have yet to accept the offer, which remains open for acceptances until 5.30 pm on the extended date of Dec 15, 2022.
Shares of the group will be suspended only at the close of the takeover offer.
To recap, Labrador Park on Oct 6 made a voluntary cash offer for Asian Healthcare Specialists at S$0.188 per share, valuing the company at some S$109 million.
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The offer was conditional upon the offeror receiving no less than 90 per cent of the total shares and all clearances, waivers and approvals must also be secured from the landlords of the premises leased by the Asian Healthcare Specialists group.
Shares of the company remained unchanged at S$0.188 as at 9.15 am on Friday, after its latest announcement.
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