Starburst loses minimum required free float

CATALIST-listed Starburst's free float - or shares held by the public - has dipped below the 10 per cent required under Rule 1303(1) of the listing manual, it said in a bourse filing after market hours on Friday (Mar 4).

The company called for a trading halt early Friday morning.

The fire-arms training facility manager has a pre-conditional voluntary offer at S$0.0238 per share from Nordic Flow Control, which has turned into a compulsory acquisition offer. This comes after shares controlled by the offeror and concert parties including acceptances have reached 91 per cent or 226.2 million shares as at 6 pm on Mar 3.

The offer remains open for acceptance till 5.30 pm on Mar 7, and Nordic Flow Control does not intend to extend the offer beyond that. The offeror plans to delist the company at the close of the offer.

Shares of Starburst last traded at S$0.024 on Mar 4 before the trading halt.