UOB Announces Unconditional Offer for Broadway Industrial Group Shares
United Overseas Bank Limited (UOB), acting on behalf of Patec Pte. Ltd., has officially declared the mandatory conditional cash offer for Broadway Industrial Group Limited shares unconditional. This pivotal development comes as the Offeror has secured acceptances representing over 50% of the voting rights, a crucial threshold for the success of the offer.
Key Details of the Offer
As of 14 November 2024, the Offeror had received valid acceptances amounting to 50,890,938 shares, approximately 11.19% of the total shares. Coupled with shares already owned or agreed to be acquired by the Offeror and its affiliates, this results in a combined stake of 247,855,787 shares, or about 54.51% of Broadway’s total issued shares. This figure also represents 53.01% of the company’s maximum potential issued share capital, thus rendering the offer unconditional.
Extension of Closing Date
In light of the offer becoming unconditional, UOB has announced the extension of the offer closing date from 9 December 2024 to 23 December 2024. Shareholders now have an additional 14 days to consider their acceptance of the offer.
Important Information for Shareholders
Shareholders who have already accepted the offer will receive payment within seven business days from the date of the announcement. Those wishing to accept the offer should follow the procedures detailed in the Offer Document, including submitting the necessary acceptance forms either physically or electronically, depending on their shareholding format.
Independent Advice
UOB underscores that it acts solely on behalf of the Offeror and advises shareholders to consider the perspectives of independent directors and financial advisors before making any decisions. The independent directors are expected to dispatch their views within 14 days of the Offer Document’s release.
Director’s Responsibility Statement
The directors of Patec Pte. Ltd. have ensured all information provided is accurate and have accepted joint responsibility for the announcement’s content.
Potential Impact on Share Price
The declaration of the offer as unconditional and the extension of the closing date are significant developments that could affect Broadway Industrial Group’s share price. Shareholders and potential investors should stay informed of any further announcements.
Disclaimer
This article contains forward-looking statements subject to risks and uncertainties. Actual results may differ materially, and readers should not place undue reliance on these statements. UOB and the Offeror are not obligated to update or revise any forward-looking statements publicly.
