Silkroad Nickel’s privatisation offer turns unconditional 

AN offer from Silkroad Nickel’s executive director to privatise the Indonesia-based nickel ore miner has turned unconditional, with the total number of shares owned, controlled, or agreed to be acquired by offeror Horowitz Capital and its concert parties amounting to 90.2 per cent of total shares.

This translates to 235.5 million shares as at 6pm on Monday (Sep 26).

Valid acceptances of the offer from the offeror’s concert parties stood at 63.2 per cent, while valid acceptances from other shareholders stood at 27 per cent.

The offer was declared unconditional in all respects on Monday, and the closing date for the offer will be extended to 5.30pm on Oct 25, from the same time on Oct 10 previously.

Horowitz Capital has also garnered enough valid acceptances to cross the 90 per cent shareholding threshold for a compulsory acquisition, and it intends to exercise this right.

Horowitz Capital’s sole shareholder is Silkroad Nickel’s executive director Nasser Aljunied. Nasser is one of 3 members sitting on the board of Horowitz Capital, along with Silkroad Nickel chief executive Hong Kah Ing and Lester Tay Lee Chye.

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Silkroad Nickel’s executive director launches privatisation offer

The privatisation offer was launched on Aug 29 at an offer price of S$0.42 per share. Horowitz Capital then pointed to the low trading liquidity of the counter, adding that the offer is an opportunity for shareholders to realise their investment at a premium to market price.

Silkroad Nickel units ended Monday flat at S$0.415.