The offeror, E21, is wholly owned by Zezz FundQ, and is an entity set up for this corporate exercise. Zezz FundQ is a controlling shareholder of SAL and has two classes of shares.
A day after reducing her call from “hold” to “reduce” and lowering her target price to 25 cents, CGS International (CGSI) analyst Andrea Choong reiterates her “reduce” call Silverlake Axis (SGX:5CP
) (SAL), on the back of its privatisation announcement on Aug 26.
To recap, SAL received a voluntary unconditional offer from its chairman who controls 74% of the company’s stake to take it private at 36 cents per share in cash.
