IFA recommends GEH delisting, deems OCBC’s offer ‘fair and reasonable’

GEH’s shares have been suspended since 15 July 2024.

An independent financial adviser (IFA) has recommended that shareholders of Great Eastern Holdings (GEH) vote in favour of delisting the company, calling OCBC’s exit offer of $30.15 per share “fair and reasonable.

The recommendation comes ahead of an extraordinary general meeting (EGM) where shareholders will vote on whether to delist GEH or pursue steps to resume trading on the Singapore Exchange.

GEH’s shares have been suspended since 15 July 2024, after OCBC’s voluntary takeover pushed public ownership below the 10% minimum required by SGX rules.

At the EGM, shareholders will vote first on Resolution A, which proposes delisting GEH.

If the resolution is approved by at least 75% of independent shareholders present and voting, the company will be delisted, and shareholders will have the option to sell their shares to OCBC at $30.15 each.

Shareholders can then choose to sell their shares to OCBC at the offer price or keep them in an unlisted company. OCBC will not vote on the delisting resolution.

If the delisting is rejected, shareholders will vote on two other resolutions to try to restore the public float and resume trading. These include adopting a new constitution to introduce non-voting preference shares, and a one-for-one bonus share issue.

OCBC has agreed to take only the non-voting shares so that more ordinary shares remain in public hands. It will vote in favour of both resolutions if the delisting fails.

If both resolutions are approved and the public float meets SGX requirements, trading can resume. If not, the suspension stays.

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