Boardroom free float falls below 10% threshold

THE free float of corporate secretarial services firm Boardroom fell below the 10 per cent mark as at Thursday 5pm, the company announced in a bourse filing on Friday.

Salacca, the GK Goh Holdings unit that launched a takeover offer for Boardroom, does not intend to restore the free float requirement for the mainboard-listed company and will seek to delist it. Last month, GK Goh made a voluntary unconditional cash offer for Boardroom at S$0.88 per share.

"Notwithstanding the above, shareholders should note that the company is not able to determine at this juncture whether the free float requirement may or may not be restored in future," Boardroom said in the filing.

Trading in shares of Boardroom was earlier halted at 9.54am on Friday, pending the latest announcement.

As at 5pm on Friday, some 84.8 per cent of Boardroom shares are controlled or set to be acquired by offeror Salacca and its concert parties, including valid acceptances of the takeover offer.

Members of the public had held 11.46 per cent of Boardroom as at March 8, while substantial shareholder Symphony House Sdn Bhd controlled 7.63 per cent. 

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GK Goh's offer for Boardroom shares remains open for acceptances until 5.30 pm on June 28.

Shares of Boardroom traded at S$0.88 before the trading halt on Friday, unchanged from the previous day.