Kingboard Copper loses free float

MAINBOARD-LISTED Kingboard Copper Foil Holdings, which is in the throes of a privatisation bid by its controlling shareholder, has lost its free float.

The offeror controlled 95.69 per cent of the company after the close of trading on Friday, including valid acceptances representing 7.74 per cent of all shares, the firm has disclosed.

This pushes the counter's free float below the minimum threshold of 10 per cent. Kingboard Copper is now headed for a delisting, as the offeror does not plan to take steps to maintain the listing status.

Controlling shareholder Kingboard Laminates Holdings, which is majority owned by Hong Kong's Kingboard Holdings, is offering minority investors S$0.60 in cash for each share.

Independent financial adviser SooChow CSSD Capital Markets (Asia) had deemed the buy-out price "not fair but reasonable" in its letter to the independent directors.

The offer exercise will close on May 16 and trading will be suspended after that.