LHN Logistics has lost its free float. As at 6pm on Aug 21, the number of shares held by the public stood at around 9.39%, lower than the mandatory 10%.
Trading of the shares in LHN Logistics will be suspended and subsequently delisted.
LHN Logistics’ shareholders who have yet to accept the offer from Milkyway, will now be able to do so till 5.30pm on Sept 27 at the latest. No extensions will be given, says LHN Logistics.
Milkyway had made an offer to acquire the shares in LHN Logistics on June 4. The offer was conditional upon two factors - that JTC Corporation consent to the change in LHN Limited’s indirect ownership in Hean Nerng Logistics (HN Logistics) in connection with the latter’s holding of the property at 7 Gul Avenue, and that shareholders in LHN Limited approve the potential disposal of LHN Logistics.
Both conditions were met after LHN’s shareholders approved the disposal at an extraordinary general meeting (EGM) held on July 31. JTC Corporation had said that it had no objection to the ownership change earlier on the same day.
