SINGAPORE (June 26): Boardroom, the provider of corporate advisory and secretarial services, has applied to be delisted from the Singapore Exchange after its free float fell is set to fall below the required 10%.
This comes after substantial shareholder Symphony House Sdn Bhd (SHSB), which owns 7.63% of Boardroom, on Tuesday gave an irrevocable undertaking to vote in favour of the delisting.
At the close on Tuesday 5pm, the offeror and its concert parties had owned, controlled or agreed to acquire 183.8 million Boardroom shares, representing 87.68% of the total number of issued shares.
Accordingly, the total number of Boardroom shares in issue voting in favour of the proposed delisting would amount to some 95.31%, said Boardroom in a filing on Wednesday morning.
Last month, GK Goh, the 80.72% owner of Boardroom, made a voluntary unconditional cash offer for all the shares it does not own at 88 cents each.
GK Goh, through takeover vehicle Salacca, has earlier said it does not intend to restore the free float requirement for the Mainboard-listed company and will seek to delist it.
GK Goh's offer for Boardroom shares will close at 5.30pm on Friday.
