LTC Corp to suspend trading from Feb 1, delist as exit offer crosses 90% threshold

LTC Corp announced on Wednesday that trading in its shares is expected to be suspended at 9.00am on Feb 1, 2019, as an exit offer for the company passed the 90 per cent threshold.

The steel trading and property group said the date of its delisting from the Singapore Exchange (SGX) will be announced in due course.

In filings to the SGX, LTC said that Mountbatten Resources Pte Ltd, the investment vehicle for LTC's controlling Cheng family, now owns, controls or has agreed to acquire shares representing or 90.01 per cent of the company as at 5pm on Jan 15. 

With the percentage of shares held in public hands now below 10 per cent, trading in LTC shares will be suspended immediately after the close of the exit offer, which had been extended to Jan 31.

Mountbatten will now acquire the shares of the remaining dissenting shareholders at the exit offer price of S$0.925 per share, to be paid in cash.

Of the 90.01 per cent, Mountbatten and its concert parties now hold 88.44 per cent of LTC shares, while a remaining 1.57 per cent are held by other shareholders.

LTC Corp shares last traded flat at S$0.92 on Jan 7.