Moya loses free float, to delist after offer secures 79.6% valid acceptances
MAINBOARD-LISTED water treatment operator Moya Holdings Asia has lost its free float and will be delisted after a majority of its shareholders accepted an exit offer by Tamaris Infrastructure.
Moya had requested for a trading halt on Monday (Nov 21) morning, ahead of an extraordinary general meeting where shareholders holding 99.93 per cent of total shares issued passed a delisting resolution.
In September, Tamaris, a majority shareholder of the group, made a voluntary cash offer of S$0.092 per share with plans to take the company private. This represented a premium of about 41.5 per cent over the last traded price of S$0.0650 per share ahead of the announcement.
With the passing of delisting resolution, the exit offer has become unconditional and will proceed regardless of the acceptance rate by shareholders.
As at 9 pm on Monday, the offer had secured valid acceptances from shareholders representing 79.56 per cent of total shares issued.
The Singapore Exchange enforces a free float requirement where at least 10 per cent of the total shares issued in a company, excluding preference shares, convertible equity securities and treasury shares, must be held by the public.
Having lost its free float, trading of Moya shares will be suspended.
The offer remains open for acceptance until 5.30 pm on Dec 5. Tamaris intends to exercise their rights of compulsory acquisition, subject to a minimum acceptance rate of 90 per cent of total shares issued, following the offer’s close.
Shares of Moya closed on Friday at $0.091, before the trading halt.
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