The company’s controlling shareholder, Aw Cheok Huat, had presented a formal proposal to its board to seek the voluntary delisting of the company on April 19. Aw’s proposed exit cash offer of 0.9 cents per share represented 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 delisting offer has turned unconditional after its shareholders holding 87.59% of the shares in the company voted for the delisting resolution at its extraordinary general meeting (EGM) on June 9.
ICP needed shareholders holding at least 75% of the company’s shares to approve the delisting at the EGM. Once the approval is sought, ICP will delist from the Catalist board, irrespective of the number of acceptances received.
