Another Procurri shareholder to vote against Novo Tellus' partial offer

PROCURRI has received a letter from ICH Gemini Asia Growth Fund dated April 21 indicating that it intends to vote against private equity firm Novo Tellus' partial offer of 36.5 Singapore cents per share.

ICH Gemini is a shareholder of Procurri, and owns about 3.9 per cent of the tech company.

This comes after Novo Tellus released a statement on Wednesday stating that its offer price of 36.5 cents per share was final, except in the case of a competitive situation.

ICH Gemini is the second shareholder to indicate the intention to vote against Novo Tellus' partial offer.

Last week, Declout, a substantial shareholder of Procurri which owns 21.2 per cent of Procurri's shares as at April 13 said that it intended to vote against Novo Tellus' partial offer.

The partial offer was launched to acquire an additional 27.9 per cent of Procurri's shares. Novo Tellus held 19.5 per cent of Procurri as at the offer announcement date of March 15. A concert party, a company called ACT Holdings, held another 9.2 per cent of Procurri. 

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This leaves 71.3 per cent of shares that Novo Tellus and its concert party does not hold, in the hands of independent shareholders with some say in the outcome of the offer.

For the offer to take place, Novo Tellus would need more than half of those shareholders - or at least 35.7 per cent of the existing shareholding base - to vote in favour of the offer.

With DeClout and ICH Gemini’s intention to vote against the offer, it amounts to 25.1 per cent of Procurri shareholders voting against the partial offer.

Procurri's management holding a collective 11.8 per cent of the company has agreed to vote in favour of the offering.

As at 10.17am on Thursday, shares of Procurri were trading flat at 35.5 cents.