The offer will be conducted through a local special purpose company (SPC) in Singapore where Hanwha Aerospace and Hanwha Ocean will fund up to 600 billion Korean won ($586 million) assuming it has 100% of Dyna-Mac’s shares at the close of the offer. The offer will be extended to all new shares unconditionally issued or to be issued before the closing of the offer. This includes the bonus warrants issued by Dyna-Mac which are exercisable into new shares. The offer also extends to the outstanding awards granted under Dyna-Mac's share award scheme made in 2021.
Hanwha Group, a substantial shareholder of Dyna-Mac (SGX:NO4
) , is offering 60 cents for the shares it does not own in the Mainboard-listed company. The offer price represents a 21.2% premium to Dyna-Mac’s last-traded price of 49.5 cents on Sept 10. It also represents a premium of 6.2%, 14.1%, 29.3% and 50% to the volume-weighted average price (VWAP) for the one-, three-, six- and 12-month trading period in Dyna-Mac’s shares.
According to Hanwha Group, its companies, Hanwha Aerospace and Hanwha Ocean, intend to secure management control.
