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GEAR says conditions for proposed transactions not met, exit offer may lapse without shareholders' approval

Felicia Tan
Felicia Tan • 2 min read
GEAR says conditions for proposed transactions not met, exit offer may lapse without shareholders' approval
In its March 3 statement, GEAR pointed out that the proposed transactions were conditional and that none of the various conditions has been satisfied. Photo: The Edge Singapore
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Golden Energy and Resources (GEAR) says its exit offer may lapse if its independent shareholders do not approve the distribution or delisting resolutions at an extraordinary general meeting (EGM).

“Shareholders should note that if either of the distribution resolution or the delisting resolution is not approved by such independent shareholders at the EGM, none of these resolutions will be carried and the proposed transactions (including the exit offer) will not proceed, and the company will remain listed on the SGX-ST and the exit offer will lapse,” reads the statement released by GEAR on March 3.

GEAR’s statement comes after an open letter from SGX RegCo on Feb 24 as well as after the “various media reports and commentaries in recent days” about certain aspects of the proposed transaction.

One such commentary came from the Securities Investors Association (Singapore) or SIAS on March 1 to urge GEAR’s board to revise its privatisation offer.

In its March 3 statement, GEAR pointed out that the proposed transactions were conditional and that none of the various conditions have been satisfied.

The conditions include receiving no objections from the relevant Indonesian regulators, approval by the company’s independent shareholders and approval from the SGX-ST.

See also: Goh family makes privatisation bid of shares in Ossia with offer of 14.5 cents (update)

Shares in Golden Energy closed 1.5 cents lower or 1.63% down at 90.5 cents on March 3.

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