SIAS urges shareholders to await IFA opinion on Singapore Paincare offer

Shareholders may gain less if they sell before the IFA’s advice.

The Securities Investors Association (Singapore) (SIAS) advises minority shareholders of Singapore Paincare Holdings not to sell their shares yet and wait until the independent financial adviser (IFA) has issued its report.

On 28 May, Singapore Paincare Holdings received a privatisation offer of $0.16 per share from Advance Bridge Healthcare Pte. Ltd. via a scheme of arrangement.

SIAS said it issued the notice because some shareholders had previously sold shares before the IFA's opinion, seeking slight gain.

However, SIAS noted that if shares are sold in the open market, shareholders who sold will not have recourse if there is a subsequent upward revision in the offer price.

The offer price is at a slight discount to the company’s audited net asset value (NAV) per share of $0.166 as of 30 June 2024, whilst the unaudited NAV as of 31 December 2024 stands at $0.163 per share.

The delisting is subject to the approval of over 50% of shareholders by headcount and 75% in share value at the scheme meeting. The IFA also needs to conclude whether the offer is both fair and reasonable.

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