On June 24, ZICO Capital, the independent financial adviser to TTJ Holdings’ independent directors has recommended that they should recommend minority shareholders to reject the offer. One of the reasons is that the amount needed to take TTJ private is less than the net cash position of the company.
On May 20, TTJ Holdings’ major shareholders via THC Venture made a voluntary conditional offer (VCO) for the shares in TTJ it doesn’t own at $0.23 cents per share. Teo Hock Chwee owns 84.4% and his daughter 0.1% of TTJ.
Teo has undertaken to accept the offer in respect of all his shares, as has Chiong Su Been, TTJ’s executive director and CFO.