Corporate digest

Cityneon Holdings

INDEPENDENT financial adviser (IFA) Novus Corporate Finance has found the terms of the cash offer for existing shareholders of Cityneon Holdings at S$1.30 per share to be "fair and reasonable", in a circular despatched to shareholders. The IFA advised independent directors to recommend that shareholders accept the offer, unless shareholders are able to obtain a price higher than the offer price on the open market.

On Oct 29, Cityneon Holdings executive chairman and group CEO Ron Tan, together with Hong Kong entrepreneur and investor Johnson Ko Chun Shun, had launched a mandatory unconditional cash offer for the rest of Cityneon's shares with the purpose of delisting and taking Cityneon private.