Offer price raised, closing date extended for Dutech voluntary unconditional cash offer

THE offer price in mainboard-listed Dutech Holdings' privatisation bid has been raised to S$0.435 per share, up from the original S$0.40, with the closing date also being extended by two weeks, the offeror said on Thursday night.

The voluntary unconditional cash offer is being made by Dutech's chief executive officer, via investment holding company TSI Metals HK, for all of 356.54 million issued and paid-up ordinary shares of Dutech, with a view to delisting the firm from the Singapore Exchange.

Shareholders who have earlier accepted the offer are entitled to this revised and final offer price, with the offeror not intending to revise it further.

The final offer price of S$0.435 cents represents a premium of 74 per cent over the last transacted share price of S$0.25 on May 28, up from the 60 per cent premium represented by the original offer price.

It also represents a 73.3 per cent premium over the volume weighted average price for the one month up to and including the last trading day, which was S$0.251.

The close of the offer has been extended from 5.30pm on July 16 to 5.30pm on Aug 2, or at such later dates as may be announced.

As at 6pm on July 15, the offeror has received valid acceptances amounting to about 281.8 million shares, representing 79 per cent of the total number of shares.

This includes 208.7 million shares held by concert parties, representing about 58.5 per cent of the total.