Offer to delist International Press Softcom closes with 96.99% valid acceptances

THE offer made by family-member owners of Catalist-listed International Press Softcom has closed with valid acceptances representing 96.99 per cent of total issued shares, the firm announced on Wednesday night.

The voluntary conditional offer, with an offer price of 4.5 Singapore cents per share, closed at 5.30pm on March 31.

The valid acceptances include an 86.75 per cent stake by the family members, who are concert parties of the offeror.

With less than 10 per cent of its shares now held by the public, IP Softcom has lost its free float, paving the way for its intended delisting.

IP Softcom shares closed unchanged at 4.4 Singapore cents on Wednesday.