Resolution C proposes a one-for-one bonus issue for all shareholders. If resolutions B and C are approved, shareholders will receive bonus ordinary shares unless they elect to receive bonus class-C non-voting shares, on a one-for-one basis for each share.
Based on the circular issued on June 9, Great Eastern Holdings (SGX:G07
) (GEH) will have an EGM on July 8. The company has proposed three resolutions: resolutions A, B and C. Resolution A is a resolution to vote for the delisting of GEH, which is accompanied by an exit offer of $30.15 per share made by Oversea-Chinese Banking Corp. If this resolution is approved by at least 75% of the shares held by independent shareholders present and voting, either in person or by proxy, at the EGM, GEH will be delisted. OCBC and its concert parties will abstain from voting.
If resolution A is passed, resolutions B and C will not be tabled for a vote. If resolution A is rejected, resolution B proposes the adoption of a new constitution for GEH, which largely retains the provisions of the existing constitution while introducing class-C non-voting shares — a non-listed, non-voting, convertible class of preference shares designed to support the implementation of resolution C.
