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PCI shareholders approve Platinum's S$265m acquisition at S$1.33/share

A MAJORITY of PCI shareholders who attended a scheme meeting on Tuesday, have approved Platinum Equity Advisor's offer to acquire all the shares in the company by way of a scheme of arrangement at S$1.33 per share, in a deal worth some S$264.8 million. 

As at Jan 4, 2019, electronics manufacturing services company, PCI, had an issued and paid-up share capital of S$75 million, comprising about 199.1 million shares. 

Singapore-listed investment firm, Chuan Hup Holdings, holds about 152.7 million shares, or a 76.7 per cent stake in PCI.

The offer price of S$1.33 in cash per share represents a 60.1 per cent premium over PCI's volume-weighted average price for the 12-month period up to, and including Sept 17, 2018, being the last full trading day preceding PCI's announcement of a possible deal. 

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As at 2.19pm on Tuesday, shares in PCI were trading at S$1.32 apiece, up one Singapore cent, or 0.8 per cent; while shares in Chuan Hup Holdings were trading at S$0.375, up 1.4 per cent, or 0.5 Singapore cent.

In a filing with the Singapore bourse on Tuesday, PCI noted that the proposed acquisition was approved by a majority of shareholders present and voting, at a scheme meeting convened at 10.30am on the same day. 

In particular, 89 shareholders representing 99 per cent of the shareholders present and voting, either in person or by proxy, approved of the scheme. These shareholders collectively own about 16.6 million shares, or 99.99 per cent of the shares represented by votes, either in person or by proxy. Only one shareholder present and voting, who owned 15,000 shares in the company, was against the deal. 

The expected last day of trading for PCI shares is April 24, with expected books closure date set at 5pm on April 26.

The deal amount is expected to be paid by May 9, PCI noted.