Silverlake Axis

[Squirrel]

An equal access offer is on the table. I haven’t had the chance to complete my article on this… with this move, the majority shareholder is effectively trying to increase his shareholdings in the company in a short time on a volume that would have raised prices significantly if done on market.

https://links.sgx.com/FileOpen/SAL%20-%2...eID=706948

Extracted from the announcement.

The offer price for each Share will be S$0.33 in cash (the "Offer Price").

The Company will offer to purchase up to 242,424,242 Shares (the "Maximum Share Purchase Amount"), representing approximately 9.06% of the total number of 2,674,471,309 Shares in issue (excluding 22,001,491 treasury shares) as at the date of this announcement (“Announcement Date”).

Substantial Shareholder not Participating in the Equal Access Offer
Zezz FundQ Pte. Ltd. (the “Non-Participating Shareholder”), the substantial shareholder of the Company, holds in aggregate 1,834,022,168 Shares representing 68.58% of the total issued share capital (excluding treasury shares) of the Company. The Non-Participating Shareholder is wholly-owned by Mr. Goh Peng Ooi, who is the Company’s Executive Director and Group Executive Chairman.

LISTING STATUS OF THE SHARES
The relevant listing rules of the SGX-ST require a listed company to ensure that at least 10% of its Shares is at all times held by public Shareholders. The “public” are persons other than the directors, chief executive officer, substantial shareholders or controlling shareholders of the company and its subsidiaries, as well as associates of such persons.
Based on the information available to the Company as at 11 March 2022, approximately 29.41% of the issued share capital of the Company are held in the hands of the public. Assuming that the Company repurchased the Maximum Share Purchase Amount as at 11 March 2022 pursuant to the Equal Access Offer, the percentage of Shares held by the public would be approximately 22.37%.