LTC Corp gets in-principle approval from SGX for voluntary delisting

STEEL trading and property company LTC Corporation announced Friday night that the Singapore Exchange has no objection to its voluntary delisting, subject to shareholder approval in accordance with Rule 1307 of the Listing Manual and the fulfilment of all other conditions precedent to the delisting.

LTC Corp said further information on the delisting and the exit offer, the advice of independent financial adviser Xandar Capital, and the recommendation of the independent LTC directors in respect to the exit offer will be set out in a circular to be sent to shareholders in due course.

On Sept 7, the controlling shareholders of LTC Corp said they would propose a voluntary delisting and make an exit offer at 92.5 cents per share. The delisting proposal requires approval from at least 75 per cent of voting shares at a shareholders' meeting, and must also not be voted against by at least 10 per cent of voting shares.

LTC Corp advised shareholders to exercise caution when dealing with their shares.