Ron Sim's cash offer for OSIM has closed, draws final acceptance of 96.03%

THE final level of acceptance for OSIM International founder Ron Sim's cash offer for OSIM shares, as at the closing date of May 20, stood at 96.03 per cent of the issued shares and 90.17 per cent of its maximum potential issued share capital.

The offeror, Vision Three Pte Ltd - a special purpose vehicle owned by Mr Sim - has also received valid acceptances representing 1.18 per cent of the outstanding aggregate principal amount of convertible bonds in respect of S$2 million in principal amount of convertible bonds, said the firm in an announcement to the Singapore Exchange.

As Vision Three and parties acting in concert have through acceptances or otherwise succeeded in holding more than 90 per cent of shares in issue, the SGX-ST will suspend trading of the shares at the close of the offer.

Accordingly, the offeror is entitled to exercise its right to compulsorily acquire all the shares of dissenting shareholders who have not accepted the offer at the final ex-dividend offer price of S$1.39 cash per share.