The exit offer of 16 cents per share is conditional on the satisfaction of certain conditions, including, among others, shareholders having passed the distribution resolution and the delisting resolution at the extraordinary general meeting (EGM) and the proposed distribution coming into effect.
On Nov 8, shares in Golden Energy and Resources saw a 25.6% decline with the counter closing at 67 cents for the end of the day. As its share price dipped, the group on Nov 9 proposed to delist.
In conjunction with the delisting, Duchess Avenue is offering a conditional exit offer to acquire all the shares, excluding treasure shares, if any, held by shareholders at the cash consideration of 16 cents per share on top of the option to receive either shares (worth 88.5 cents) or a cash consideration (worth 68.6 cents) of its Indonesia-listed company PT Golden Energy Mines (GEMS).
