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Procurri: Voluntary general offer by third party still on the table

MAINBOARD-LISTED enterprise hardware supplier Procurri Corp said early Monday the third party who made an offer on Sept 7, 2018 to acquire the company through a possible voluntary general offer is still considering the possible deal.

In a filing with the Singapore Exchange, Procurri said that due diligence checks are still being carried out by the interested third party and that the company understands from the third party that it is still considering the offer and the various avenues of carrying out the possible transaction.

But Procurri has said that no definitive agreements have been entered into yet and a possible offer is subject to due diligence, among other things. 

On Jan 4, Catalist-listed DeClout Limited sold a 17.2 per cent or 48 million share stake in Procurri to two independent third parties at S$0.32 per share, raising net proceeds of S$15.2 million.

Controlling shareholder DeClout continues to hold over 84.3 million Procurri shares, comprising 29.62 per cent of Procurri's issued share capital, down from 46.83 per cent previously. 

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The sale was done through married deals and the sale price represents a premium of 14.4 per cent to the volume-weighted average price of Procurri shares of S$0.2797 traded on Jan 3, that being the last market day on which Procurri shares were traded prior to the sale.

DeClout did not identify the buyers.

Procurri has said that going forward, DeClout will cease to consolidate the results of the Procurri Group in its earnings filings.

It will instead account for such results using the equity method in accounting. 

Procurri shares closed one Singapore cent or 3.6 per cent higher at 28.5 Singapore cents on Friday, and DeClout last closed on Jan 3 at 11 Singapore cents.

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