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POSH appoints Provenance Capital as independent financial adviser in Kuok cash offer

STRUGGLING offshore and marine services provider PACC Offshore Services Holdings (POSH) has named Provenance Capital the independent financial adviser to the independent directors in the buy-out offer from Malaysian tycoon Robert Kuok’s Kuok group of companies.

The board added in a bourse filing on Friday that Provenance Capital’s advice and the recommendation on the offer “will be sent to shareholders of the company in due course”.

Bid vehicle Quetzal Capital is dangling S$0.215 in cash for each share of mainboard-listed POSH, in a voluntary conditional cash offer announced on Nov 4.

“In the meantime, shareholders are advised to exercise caution when dealing with their shares,” the POSH board said, urging them to take the independent directors’ recommendations into account when the circular to shareholders is sent out.

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The counter closed up on Friday by half a Singapore cent, or 2.38 per cent, at the offer price of S$0.215, before the latest announcement.