Following the Date of Completion and prior to the Proposed Listing, Entitled Shareholders will hold shares in HyfluxShop, a public Singapore company whose shares are not quoted on the Official List of the SGX-ST,
any securities exchange or any other regulated markets.
After the Date of Completion, any HyfluxShop Shareholder who decides not to
continue to hold the unlisted HyfluxShop Shares, may choose to sell all or such
numbers of HyfluxShop Shares as the HyfluxShop Shareholder may, in his absolute discretion decide, to ANY willing purchaser(s) at any time, subject to all applicable laws.
For the avoidance of doubt, the Company and the Controlling Shareholder WILL NOT SELL any of their HyfluxShop Shares prior to the Proposed Listing.
In order to provide an avenue for HyfluxShop Shareholders to sell their unlisted HyfluxShop Shares without having to search for willing purchasers, the Controlling Shareholder, being Ms Olivia Lum Ooi Lin, will be willing to purchase the unlisted HyfluxShop Shares from HyfluxShop Shareholders during the Purchase Period but subject always to the applicable requirements of the Code
The price for each HyfluxShop Share for the purpose of the Controlling
Shareholder Purchase shall be based on the unaudited pro forma combined NTA of the HyfluxShop Group (excluding any HyfluxShop Preference Shares) attributable to Shareholders as at 30 September 2017 of approximately S$20.0 million, which translates to approximately S$0.1783 per HyfluxShop Share.
Accordingly, the consideration payable for the transfer of a HyfluxShop Share
pursuant to the Controlling Shareholder Purchase is S$0.1783 for each HyfluxShop Share, payable in cash and the aggregate consideration payable to the relevant HyfluxShop Shareholder will be rounded to the nearest cent
Surprise! Indonesia conglo now controls Hyflux instead of a white knight in the form of a S'pore GLC. So, Indonesia now has more interests aligned to Singapore, and hopefully be more brother-brother with SG.
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