Aspial Corporation plans to privatise World Class Global (WCG), its 81.11%-owned subsidiary in an all share transaction through a scheme of arrangement. WCG closed at 9.2 cents on March 12, at a 32% discount to its net asset value of 13.61 cents.
Aspial will pay 21 cents per scheme share, which will be fully satisfied via the allotment, as well as issue 1.1052 new ordinary shares in the capital of Aspial at an issue price of 19 cents per Aspial share.
The scheme consideration of 21 cents represents a premium of 107.9%, 89.2% and 73.6% to the three-, six- and 12-month volume weighted average price (VWAP) of WCG. It also represents a 128% premium over the last closing price of 9.2 cents as at March 12.