CITIC Envirotech *Official* (SGX: CEE)

[Alan999]

Recovering!

 

[Shion]

pre-conditional exit offer

$0.55

https://links.sgx.com/1.0.0/corporate-announcements/8X5AZCNDJWZSASEV/CEL.Announcement.6.11.2019.pdf

 

[existential_reality]

Swee time to cash out ka ching

pre-conditional exit offer

$0.55

https://links.sgx.com/1.0.0/corporate-announcements/8X5AZCNDJWZSASEV/CEL.Announcement.6.11.2019.pdf

 

[Shion]

Adviser greenlights CITIC Envirotech's SGX-ST exit offer

Adviser greenlights CITIC Envirotech's SGX-ST exit offer

https://sbr.com.sg/stocks/news/adviser-greenlights-citic-envirotechs-sgx-st-exit-offer

It will voluntarily delist for 55 cents per share.

The independent financial adviser (IFA) in CITIC Envirotech’s privatisation plans has deemed the financial terms of its exit offer as “fair and reasonable,” according to a circular filed in SGX.

Novus Corporate Finance, the IFA to independent directors David Yeung, Tay Beng Chuan and
Lee Suan Hiang, arrived at this opinion based partly on the exit offer price and the firm’s “significant” decline in earnings.

“Based on the foregoing, we advise the Independent Directors to recommend that Shareholders accept the Exit Offer (if and when made), unless Shareholders are able to obtain a price higher than the Exit Offer Price on the open market,” the IFA said. The directors have concurred with the IFA’s advice.

On 10 December, CITIC Envirotech proposed that it will voluntarily delist from the Singapore Exchange Securities Trading Limited (SGX-ST) after receiving an offer from CKM (Cayman) Company Limited at a price of 55 cents each share. This represented a premium of 68.5% over 3M VWAP and 48.6% over the last closing price.

Based on SGX-ST’s Listing Manual, the exchange may agree to an application for delisting if
the company gains approval from its shareholders by at least 75% of the total number of issued shares, excluding treasury shares and subsidiary holdings.

An exit offer must also be made to the shareholders, which must be deemed fair and reasonable, as well as include cash as the default alternative. The company is required to appoint an independent financial adviser, who will opine if the exit offer is fair and reasonable.

 

[Shion]

Citic Envirotech share trading halts after losing free float status

Citic Envirotech share trading halts after losing free float status

https://sbr.com.sg/stocks/more-news...-trading-halts-after-losing-free-float-status



The company is no longer extending its exit offer beyond 17 January.

The Singapore Exchange (SGX) suspended the trading of shares of Citic Envirotech after its public float fell to less than 10%, according to an SGX filing.

Rule 723 of the Listing Manual requires companies to ensure that at least 10% of total issued shares excluding treasury shares in a class that is listed be held by the public. Otherwise, SGX may suspend trading of the class.

On the same announcement Citic Envirotech said that it will not extend its exit offer beyond 17 January, 5:30 PM. Any acceptance received after the closing date will be rejected.