Broadway Industrial Group Limited: UOB Completes Mandatory Unconditional Cash Offer
Key Points and Shareholder Update
United Overseas Bank Limited (UOB), on behalf of Patec Pte. Ltd., has completed a mandatory unconditional cash offer to acquire all issued and paid-up ordinary shares in Broadway Industrial Group Limited, excluding shares already owned, controlled, or agreed to be acquired.
Offer Completion and Shareholding Update
The offer, which was initially announced on 28 October 2024, became unconditional in all respects on 14 November 2024.
The offer document was issued on 11 November 2024, with subsequent announcements regarding the offer’s status, pricing, and closing.
As of 5:30 p.m. on 10 April 2025, the Offeror and persons acting in concert with it own, control, or have agreed to acquire 439,841,054 Shares, representing approximately 96.22% of the total number of shares (excluding treasury shares).
Section 215(3) Process Completion
The right for dissenting shareholders to exercise their Section 215(3) Right under the Companies Act expired at 5:30 p.m. on 10 April 2025.
This process allowed dissenting shareholders to object to the offer and potentially receive a fair value for their shares as determined by the Court.
Important for Shareholders
Trading Suspension and Listing Status: Earlier announcements indicated a loss of free float and a trading suspension for Broadway Industrial Group Limited. Shareholders should be aware that the company’s shares may not be trading freely on the market.
Dissenting Shareholders’ Rights: The expiration of the Section 215(3) Right on 10 April 2025 means that shareholders who did not accept the offer and did not exercise their Section 215(3) Right within the stipulated timeframe will no longer have this option.
Potential Impact on Share Value
The completion of the mandatory unconditional cash offer and the acquisition of approximately 96.22% of Broadway Industrial Group Limited’s shares by the Offeror could lead to a delisting of the company’s shares from the stock exchange, which typically involves a suspension of trading. This significant change in shareholding and potential delisting may impact the share value.
Forward-Looking Statements
The Offeror and UOB note that all forward-looking statements are subject to risks and uncertainties, and actual results may differ materially. They undertake no obligation to update or revise these statements.
Disclaimer
The information provided in this article is based on publicly available documents and is for informational purposes only. It should not be considered as investment advice or a solicitation to buy or sell any securities. Investors should do their own research and consult with a financial advisor before making any investment decisions. Neither the author nor the platform is responsible for any financial losses or gains.
End of Article
View Broadway Ind Historical chart here
