Kuok Group to compulsorily acquire remaining shares of POSH shareholders

THE Kuok Group, through offer vehicle Quetzal Capital, will exercise its right of compulsory acquisition to acquire all the remaining shares in mainboard-listed PACC Offshore Services Holdings (POSH) on or after Jan 28, 2020, it said on Tuesday.

The shares will be acquired on the same terms as those tendered under the general offer, at the offer price of S$0.215 per share.

Since the Kuoks had received valid acceptances of over 90 per cent on Dec 11, they can exercise the right of compulsory acquisition over all shares held by shareholders who have not accepted the offer by the final closing date of Jan 2.

Provenance Capital, the independent financial adviser, had earlier advised the independent directors of POSH to recommend that shareholders accept the cash offer because it is "fair and reasonable".