Challenger Tech's 2.94% shareholder says offer price too low, calls for higher dividend payouts

SINGAPORE (Mar 22): Pangolin Investment Management, which holds a 2.94% stake in Challenger Technologies through its Pangolin Asia Fund, is calling on other shareholders to reject Digileap Capital’s delisting offer at the company’s upcoming EGM.  

Pangolin says the offer price of 56 cents per share, which translates to a price-to-earnings ratio of 9.9 times, is too low and thus unfair to minority shareholders.

In a letter sent to The Edge Singapore on Friday, Pangolin explains its reasons for strongly advising other Challenger shareholders to reject the offer, which it deems “derisory”.

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