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GK Goh gets SGX nod to delist Boardroom; deadline for shareholders to accept offer extended
GK GOH Holdings unit Salacca Pte Ltd has extended the deadline for Boardroom Ltd's shareholders to accept its offer for all shares in the mainboard-listed corporate secretarial services firm to July 26 from July 12, CIMB Bank (Singapore) announced on behalf of Salacca on Friday.
Salacca has received valid acceptances for about 8.73 per cent of Boardroom shares as at 5pm on Thursday.
Boardroom shares owned, controlled or agreed to be acquired by Salacca and its concert parties stand at 89.86 per cent.
For a company to remain listed on the Singapore Exchange (SGX), at least 10 per cent of its shares must be held by the public.
Boardroom shares fell below the free float threshold on June 6, with the company announcing on Friday that the Singapore Exchange (SGX) has accepted its application to delist.
SGX also granted Boardroom a waiver from Rule 1307 of the listing manual, which states that a general meeting to obtain shareholder approval for the delisting must be convened, and at least 75 per cent of shareholders must approve the delisting.
Symphony House Sdn Bhd, which owns 7.63 per cent of Boardroom shares, had already agreed to vote in favour of the delisting, and together with Salacca and its concert parties, would have secured a favourable 97.48 per cent of the vote.
GK Goh has offered S$0.88 in cash for each Boardroom share, in a deal that values the company at S$184.5 million. Boardroom shares were unchanged at S$0.88 as at 9.10am.
GK Goh is a mainboard-listed investment holding firm which has businesses in aged care and corporate services, its shares were flat at S$0.86 as at 9.10am.