Procurri up 6.5% after saying it received second unsolicited expression of interest to acquire company

Procurri up 6.5% after saying it received second unsolicited expression of interest to acquire company

By: 
PC Lee
07/02/19, 11:24 am

SINGAPORE (Feb 7): Shares in Procurri Corporation, the Mainboard-listed enterprise hardware supplier, are up 2 cents or 6.2%.

This follows its Thursday morning announcement that it has received a second unsolicited, non-binding expression of interest from a third party to acquire the company through a possible voluntary general offer.

As at 11.07am, shares in Procurri are trading at 33 cents with 0.5 million units traded.

For the avoidance of doubt, Procurri said in its filing the second offeror was “not in any way related" to the proposed acquisition via a scheme by New State Capital Partners LLC which was announced on Sunday.

In its weekend filing, Procurri announced it had received a non-binding letter of intent (LOI) on Saturday from New State Capital Partners for the proposed acquisition of all the shares of the company, other than treasury shares and shares held by substantial shareholder Irrucorp, via a scheme of arrangement.

The latest offer is subject to a due diligence exercise being conducted.

Procurri is 29.62% owned by Catalist-listed Declout after the latter sold 49 million shares at 32 cents each to two independent third parties last month.

Declout calls itself the global builder of next-generation ICT companies.

New State is a private investment firm which operates in the US and focuses on investments in business, healthcare and industrial services industries.

Irrucorp, in which Procurri chairman and global CEO Sean Murphy, and executive director and global president Edward Flachbarth are deemed to have interests, owns 11.94% in the company, according to Bloomberg data.

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