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800 Super suspends trading after loss of free float, set to be delisted

CATALIST-LISTED 800 Super Holdings has requested a trade suspension starting from 9am on Tuesday, following the loss of its free float after a privatisation offer by its controlling shareholder - the Lee family, closed on Monday.

In a separate announcement on Monday night, the rubbish-collection firm said offeror 8S Capital Holdings intends to delist the company, and will not take any steps to restore the public float or lift the trading suspension.

As at 5.30 pm on the same day, 8S Capital Holdings received valid acceptances representing around 96.24 per cent of the total issued shares of 800 Super, which crosses the 10 per cent public float requirement.

This includes acceptances received from the parties acting in concert with the offeror, which represents around 77.62 per cent of the total number of issued company shares.

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800 Super’s shares closed at S$0.89 on Monday, down one Singapore cent or 1.1 per cent prior to the release of the announcements. 

The privatisation offer had turned unconditional on June 17 after crossing the 90 per cent threshold.

In May, the Lees announced it wanted to offer S$0.90 in cash for each 800 Super share, in a deal that values the company at S$161 million. At the time the bid to delist 800 Super was launched, the Lee family controlled about 77.6 per cent of the company.

The Lee family is tapping private equity firm KKR to finance the offer. This will see KKR providing a combination of debt and structured equity financing, from pools of capital including KKR’s Private Credit Opportunities II fund and proprietary investment vehicles. 

It was previously reported that if the offer becomes unconditional, the offeror will issue fixed rate bonds due 2023 and convertible preference shares for subscription by KKR's funds. KKR will also get a board seat in the offeror.