Instead of seeking slight gains by selling their shares in the open market, SIAS notes that shareholders who sold will not have recourse if the offer price is increased subsequently.
Shares in Singapore Paincare opened at 16.9 cents on June 5, some 7.6% higher than the company’s last-closed share price of 15.7 cents.
The share price surge comes after the Securities Investors Association (Singapore) urged Singapore Paincare’s minority shareholders to wait until the independent financial adviser (IFA) has issued its report before selling their shares.
