Under the delisting proposal, Aw will make an exit cash offer of 0.9 cents per share to acquire all the shares he does not already own. The offer price represents a premium of 16.88% over the volume weighted average price (VWAP) of 0.77 cents for the one-period up to and including April 1.
ICP Limited’s controlling shareholder, Aw Cheok Huat, is seeking to take the Catalist-listed company private. The announcement comes after an April 2 announcement saying that there was a “possible transaction” involving the company and that deliberations were ongoing at the time.
ICP and Aw, on April 19, said that the latter had presented a formal proposal to ICP’s board to seek the voluntary delisting of the company.
