Hupsteel founding family gets enough acceptances of offer to delist firm

THE founding family of Hupsteel Limited has received enough valid acceptances of its offer to delist the group.

It had launched a voluntary conditional cash offer of S$1.20 per share on July 19.

As at the close of the offer at 5.30pm on Sept 13, the total number of shares owned or agreed to be acquired by the offeror and concert parties, as well as the valid acceptances of the offer, resulted in a shareholding of 95.5 per cent.

As this causes the public float to fall below 10 per cent, trading of shares in the steel trader will be suspended. The offeror, Hercules Pte Ltd, a bid vehicle for the consortium members, does not intend to restore the float.

The offeror will acquire, at the offer price, the remaining shares from shareholders who did not accept the offer, as it is entitled to under the Companies Act.