The directors of Australia“s ASX-Armourglass company recently announced that they had accepted, subject to shareholder and official approval, an offer from Sinaklas Corporation Sdn. Bhd. of Malaysia …
The directors of Australia“s ASX-Armourglass company recently announced that they had accepted, subject to shareholder and official approval, an offer from Sinaklas Corporation Sdn. Bhd. of Malaysia to purchase a further 26,008,105 shares and 26,362,359 options in the company. The total subscription price payable to the company would be A$ 8,322,594. The offer is subject to Sinaklas obtaining the necessary consent from the Treasurer of the Commonwealth of Australia under the Commonwealth Government“s foreign investment policy (FIRB). Sinaklas currently owns 5,370,000 (14.9%) of the Australian company“s total issued shares. The immediate effect of this offer would be to increase Sinaklas“s interest to 31,378,105 (50.6%) of the company“s issued shares. If the offer is accepted by shareholders, the transaction would have to be completed within 20 working days of final approval. The company says it has commissioned an independent expert to compile a report on all information and matters required to be considered by shareholders to enable them to make an informed decision on the offer. It is currently anticipated that a meeting of shareholders will be called in the second half of June to consider the offer.