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06-07-2013, 06:30 PM
Another company taken private.
BUSINESS TIMES
PUBLISHED JULY 06, 2013
Armstrong to delist with exit offer of 40 cents per share
BYNG ZHUO YANG NGZY@SPH.COM.SG
THE Ong family of Armstrong Industrial Corporation and a Japanese group have teamed up to take the mainboard-listed company private.
A joint announcement yesterday by Armstrong and AGP Asia Holding Pte Ltd said the latter will seek the voluntary delisting of Armstrong with an exit offer of 40 cents per share.
AGP - set up to undertake the proposed delisting and exit offer - is 65 per cent owned by Gilbert Investment Corporation Pte Ltd (GCPL) and 35 per cent by Polyfoam Asia Pte Ltd.
GCPL belongs to the Ong family, which owns 46.54 per cent of Armstrong. Polyfoam is wholly owned by Japan's INOAC Corporation, which is engaged in, among other things, the development and supply of materials based on urethane, rubber, plastic and synthetic materials.
The offer is conditional on AGP garnering a stake in Armstrong of at least 72 per cent.
The delisting is also subject to the approval of Armstrong shareholders.
The Ong family has undertaken to accept AGP's offer.
The announcement said that delisting gives shareholders the opportunity to realise their investments for a cash consideration at a premium over historically-transacted prices as Armstrong's shares have not transacted at or above the exit offer price of 40 cents in the past two years.
Armstrong's low trading liquidity was also cited as a reason to take it private.
Armstrong will be appointing an independent financial adviser to advise its directors on the exit offer. Its shares were last traded at 37.5 cents on Tuesday.
BUSINESS TIMES
PUBLISHED JULY 06, 2013
Armstrong to delist with exit offer of 40 cents per share
BYNG ZHUO YANG NGZY@SPH.COM.SG
THE Ong family of Armstrong Industrial Corporation and a Japanese group have teamed up to take the mainboard-listed company private.
A joint announcement yesterday by Armstrong and AGP Asia Holding Pte Ltd said the latter will seek the voluntary delisting of Armstrong with an exit offer of 40 cents per share.
AGP - set up to undertake the proposed delisting and exit offer - is 65 per cent owned by Gilbert Investment Corporation Pte Ltd (GCPL) and 35 per cent by Polyfoam Asia Pte Ltd.
GCPL belongs to the Ong family, which owns 46.54 per cent of Armstrong. Polyfoam is wholly owned by Japan's INOAC Corporation, which is engaged in, among other things, the development and supply of materials based on urethane, rubber, plastic and synthetic materials.
The offer is conditional on AGP garnering a stake in Armstrong of at least 72 per cent.
The delisting is also subject to the approval of Armstrong shareholders.
The Ong family has undertaken to accept AGP's offer.
The announcement said that delisting gives shareholders the opportunity to realise their investments for a cash consideration at a premium over historically-transacted prices as Armstrong's shares have not transacted at or above the exit offer price of 40 cents in the past two years.
Armstrong's low trading liquidity was also cited as a reason to take it private.
Armstrong will be appointing an independent financial adviser to advise its directors on the exit offer. Its shares were last traded at 37.5 cents on Tuesday.