SIAS slams Great Eastern on outcome of previous delisting offer

Great Eastern received a new voluntary delisting offer of $30.15 per share.

Great Eastern received a higher voluntary delisting offer of $30.15 per share compared to the previous $25.60 offer. The independent financial adviser (IFA) said that the terms of the new offer are fair and reasonable.

The Securities Investors Association Singapore (SIAS) said that shareholders who accepted the previous voluntary general offer of $25.60 per share, which closed on 12 July 2024, will not receive any further compensation. The IFA deemed the previous offer “not fair but reasonable.”

“SIAS is disappointed with this outcome, where GE shareholders who were unable to withstand the trading suspension have ultimately lost out on realising a fair value for their GE shares,” David Gerald, founder, president and CEO of SIAS said.

Shareholders were constrained by Great Eastern’s repeated extension requests, which hindered their ability to make investment decisions, rebalance portfolios or exit their positions.

“Throughout this time, shareholders were left without a clear resolution framework or timeline. SIAS urges regulators to further refine the rules to provide stronger safeguards for shareholders in such circumstances,” Gerald added.

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