Golden Energy exit offer receives valid acceptances of 97.21%, closes on Aug 15

THE exit offer for coal miner Golden Energy and Resources (Gear) received valid acceptances representing 97.21 per cent of the total number of shares in the company as at 6pm on Thursday (Aug 10).

In a bourse filing, the company said this includes the 77.49 per cent of shares tendered by the offeror and its concert parties, including Dian Swastatika Sentosa. Dian Swastatika Sentosa, a majority shareholder of Gear, is listed in Indonesia and involved in the energy and infrastructure segments under the Sinarmas group.

The company said that the offeror intends to exercise its right to compulsorily acquire all shares of shareholders who have not accepted the exit offer at the revised exit offer price of S$0.181 per share.

The exit offer closes at 5.30 pm on Aug 15.

At an extraordinary general meeting on Jun 5, shareholders passed two resolutions: one to delist the company, and the other, a proposed distribution under which they would receive 1.3936 shares of Golden Energy Mines (Gems) for every Gear share they owned.

Gear owns a 62.5 per cent stake in Indonesia-listed thermal coal subsidiary Gems.

SEE ALSO

Investor activism may be key to reviving market

Golden Energy’s plans to delist and exit thermal coal business win majority votes at EGM

DECODING ASIA

Navigate Asia in
a new global order

Get the insights delivered to your inbox.

Shares of the company closed flat at S$0.181 before the announcement.