Fragrance Group founder’s privatisation offer for Global Dragon turns unconditional

THE voluntary cash conditional offer made by Fragrance Group’s founder Koh Wee Meng to take Global Dragon : 586 0% private at S$0.12 apiece, was declared unconditional in all respects.

As at 6 pm on Wednesday (Mar 8), valid acceptances of the offer amounting to 30.36 per cent of Global Dragon’s share capital were attained.

Among the valid acceptances of the offer, 37.5 million shares amounting to 5.49 per cent of the company were held by shareholders other than the offeror’s concert parties.

Another 169.6 million shares held by the offer’s concert parties, which made up 24.87 per cent of Global Dragon’s total share capital, had accepted the offer.

Between the offer announcement date and up till 6 pm on Mar 8, concert parties of the offeror acquired 8.8 million target shares of Global Dragon, representing 1.3 per cent of the company. The same concert parties earlier held an 84.17 per cent interest in the company before the offer was made.

The latest level of valid acceptances brings target shares owned, controlled or agreed to be acquired by the offeror and its concert parties to an aggregate representing some 90.96 per cent of Global Dragon’s issued shares – resulting in the offer becoming unconditional in all respects.

A NEWSLETTER FOR YOU

Tuesday, 12 pm

Property Insights

Get an exclusive analysis of real estate and property news in Singapore and beyond.

Sign Up

As a result, the closing date of the offer has been extended from Mar 24 to April 7.

Koh is the sole shareholder and director of offeror JK Global Wealth, which launched the privatisation offer on Feb 10.

The deal values Global Dragon at S$81.8 million.

While the offer price of S$0.12 per share is above Global Dragon’s closing price of S$0.105 on Feb 7 – which was Global Dragon’s last full trading day before the offer was made – it is slightly below Global Dragon’s net asset value per share of S$0.1218 as at Dec 31, 2022.

Much of that value comes from its investment properties, comprising 12 units at Peninsula Plaza.

Shares of Global Dragon ended Wednesday unchanged at S$0.12, before the offer was declared unconditional.