Viking Offshore & Marine appoints independent financial adviser in cash offer

CATALIST-LISTED Viking Offshore & Marine 1Y1 has named Xandar Capital as the independent financial adviser in an ongoing offer exercise for the company's shares.

The advice of the independent financial adviser and the recommendation of the independent directors will be sent to shareholders within 14 days of Dec 6, the board said on Tuesday (Dec 7). It has also appointed Lee & Lee as solicitors to act for the company over the offer.

Joint offerors Toh Kok Soon, Synergy Supply Chain Management, Irelia Management, Tristan Management and Subtleway Management are offering S$0.01 for each share in Viking, after they took a roughly 87 per cent stake in the company last month.

Besides the mandatory unconditional cash offer for shares, the offerors are also offering warrant holders S$0.01 for each warrant, with the right to subscribe for one new share at S$0.50 apiece.

The board advised shareholders and their advisers to consider the information and the recommendations of the independent directors and independent financial adviser before taking any action over their shares that may be prejudicial to their interests.

Viking shares closed on Tuesday at S$0.11, down by 1.5 Singapore cents or 12 per cent.