Mon, Nov 04, 2019 - 11:05 PM QUETZAL Capital has announced a voluntary conditional cash offer for Pacc Offshore Services Holdings (POSH) at S$0
Mon, Nov 04, 2019 – 11:05 PM
QUETZAL Capital has announced a voluntary conditional cash offer for Pacc Offshore Services Holdings (POSH) at S$0.215 per share in cash.
Quetzal Capital is the bid vehicle formed by certain members of the Kuok group of companies, namely Kuok (Singapore), Trendfield Inc, a wholly-owned subsidiary of Kuok Brothers Sdn Bhd, and Merry Voyage Limited, a wholly-owned unit of Kerry Holdings.
The Kuok Group is a conglomerate with diversified investments in commodities, hospitality, logistics, real estate and shipping businesses, among others.
The offer price is final, and the offeror does not intend to revise the offer price, it said. The offeror has also secured irrevocable undertakings representing 75.03 per cent of the total number of shares outstanding from KSL and its wholly-owned subsidiary Camsward Pte Ltd.
The offer is conditional on receiving valid acceptances of at least 90 per cent of outstanding shares at the close of the offer.
The offer price represents a premium of about 97.2 per cent over the last traded price on Oct 30. It also represents a premium of about 35.3 per cent over the 12-month volume-weighted average price.
The offeror said the offer allows shareholders to realise their entire investment in POSH at an “attractive…