MIRACH Energy has been granted three months more to submit an exit-offer proposal to the Singapore Exchange (SGX), its board announced on Friday.
This comes as certain shareholders have expressed their intention to collectively make an exit offer to all the other shareholders of the company.
The process will therefore require the following:
• The appointment of financial advisers and legal advisers by the potential offerors;
• The establishment of a Singapore company for carrying out the exit offer by the potential offerors;
• The application to the Securities Industry Council for certain waivers under the code on takeover and mergers;
• The preparation of the relevant documents to undertake the exit offer.
With a majority or all of the potential offerors currently residing outside Singapore, they are unable to travel here due to border restrictions, said the group.
Based on the company's submissions and representations, SGX had granted Mirach Energy the extension. The company will provide an update when there is further clarity on the exit offer.
Shares of Mirach Energy last traded on Oct 2 at 0.7 Singapore cent.