Viking Offshore and Marine warrant holders get proposal amid ongoing cash offer

VIKING Offshore and Marine 1Y1 warrant holders are being offered S$0.01 for each warrant that carries the right to subscribe for one new share at S$0.50 apiece.

The warrants proposal was made on Monday (Dec 6) by the joint offerors involved in an ongoing mandatory unconditional cash offer for shares in Catalist-listed Viking, and first been mentioned in the offer announcement that was made on Nov 18.

That deal, from Toh Kok Soon, Synergy Supply Chain Management, Irelia Management, Tristan Management and Subtleway Management, offers S$0.01 for each share in Viking and was made after the offerors picked up a roughly 87 per cent stake in the company.

Warrant holders can exercise their warrants to take part in the offer exercise; accept the latest warrants proposal; or take no action, and let the warrants proposal lapse.

Those who wish to exercise their warrants must lodge the relevant warrant certificates with M & C Services Pte Ltd in Robinson Road at least 10 business days before the closing date of Jan 3, 2022, while warrant holders who accept the proposal have to do so before the closing date.

The views of the independent financial adviser and independent Viking directors will be sent out within 14 days, added UOB Kay Hian, which is acting for and on behalf of the offerors.

Viking shares closed on Monday at S$0.125, up by 1.5 Singapore cents or 13.64 per cent.

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• Viking Offshore & Marine gets mandatory unconditional cash offer at S$0.01 per share