Dyna-Mac to delist after close of exit offer

OFFSHORE oil-and-gas contractor Dyna-Mac will delist from the mainboard of the Singapore Exchange (SGX), following the close of offeror Hanwha Ocean SG’s voluntary unconditional cash offer on Wednesday (Nov 20).

The company will delist after Hanwha Ocean SG – a special purpose vehicle owned by South Korean public companies Hanwha Aerospace and Hanwha Ocean – makes a compulsory acquisition of all the offer shares not acquired under the offer, it said on Wednesday (Nov 20) morning.

As at 5.30 pm on Wednesday, the offeror and its concert parties owned, controlled, or agreed to acquire a total of about 1.2 billion shares. This represents about 95.2 per cent of the total number of Dyna-Mac’s issued shares.

In September, Hanwha launched a voluntary conditional cash offer to take management control of Dyna-Mac at an offer price of S$0.60 per share.

This was raised in October to a final offer price of S$0.67 apiece.

Hanwha’s offer turned unconditional in all respects on Nov 15.

As more than 90 per cent of Dyna-Mac’s shares have been or will be acquired, it no longer satisfies the Singapore Exchange’s free-float requirement, which requires companies to have a minimum of 10 per cent of their shares held in public hands. This means that Hanwha can take the offshore oil and gas contractor private and compulsorily acquire all of Dyna-Mac’s shares, which it intends to do.

Shares of Dyna-Mac closed flat on Wednesday at S$0.665.

Copyright The Business Times. All rights reserved.