Thakral family unit gets enough acceptances for partial offer, but lacks sufficient shareholder approval

THAKRAL Corp's controlling family has received enough acceptances to fulfil a key condition for its partial offer for the company's shares, but still lacks sufficient shareholders' approval to complete its bid, according to filings released late on Tuesday.

The deal saw offeror Prime Trade Enterprises (PTE) making a bid for 26.5 million shares at S$0.50 apiece in Thakral Corporation, a lifestyle cum investment holding firm. This would bring PTE's stake in Thakral to about 50.2 per cent

As at 5pm on April 16, PTE has received valid acceptances of 38.0 million shares, even though it is only allowed to acquire 26.5 million shares.

However, it obtained approval representing 35.7 per cent of the relevant shares, below the 50 per cent needed for the partial offer to be approved. Offeror PTE, parties acting in concert with it and respective associates were required to abstain from voting, Thakral said.

If the deal garners enough shareholders' approval to turn unconditional, PTE will acquire the tendered shares on a pro-rata basis, but in a way that minimises the number of new odd-lot shareholdings.

The offer's closing date is on April 22 at 5.30pm.

In a previous announcement, PTE said it has no intention to fully acquire Thakral or delist it, or to introduce any major changes to the business. It added that it plans to carry on and expand the company's existing business.

W Capital Markets was the financial adviser for the offeror.

Thakral shares last traded at S$0.475 as at 11.41am on Wednesday, up 1.5 Singapore cents.