The controlling Goh brothers of Ossia International do not intend to increase their offer price of 16 cents per offer share for the privatisation of the company, according to a release dated July 16.

 

The Goh brothers, Goh Ching Wah, Goh Ching Huat and Goh Ching Lai, said in a joint statement that the offer price is final. The brothers, who have a 86.06% controlling stake in the company, sought to take the company private via a voluntary unconditional cash offer of 16 cents per share on May 15, a slight revision from an earlier 14.5 cents offer put forward in June 2024.

 

W Capital, the independent financial advisor to the privatisation offer of Ossia International said on June 18 that the offer is &ldquo not fair&rdquo but &ldquo reasonable&rdquo , as the fair value ranges between 24.6 cents to 28.8 cents per share.

 

Even then, on balance, W Capital has advised minorities to accept the 16 cents per share offer, a premium of 41.59% over Ossia&rsquo s last traded price.

 

On July 8, the brothers extended the closing date after receiving only 87.32% of valid acceptances of the offer. The final closing date is now Aug 1.

 

W Capital, the independent financial adviser to the privatisation offer of Ossia International, says the offer by the controlling Goh brothers is " not fair" but " reasonable" .

 

Even then, on balance, minorities should accept the 16 cents per share offer, a premium of 41.59% over Ossia&rsquo s last traded price of 11.3 cents on May 9.

 

According to the valuations done by W Capital, the independent financial adviser, the company' s fair value ranges between 24.6 cents and 28.8 cents per share.

 

W Capital took into consideration factors ranging from the company' s net asset value, trading volume and growth prospects under current circumstances.

 

The offer of 16 cents per share was tabled on May 15, a slight revision from an earlier of 14.5 cents put forward last June.

 

The Goh brothers control a total of 86.06% of the company.

The offer, according to the Gohs, comes amid a &ldquo challenging business environment&rdquo in Singapore and its other key markets due to tariff uncertainties, geopolitical tensions among other reasons.

 

Ossia International&rsquo s Goh brothers have appointed a different independent financial advisor (IFA) to advise the privatisation of the company via a voluntary unconditional cash offer of 16 cents per share.

 

The IFA, which was previously Asian Corporate Advisors, is now W Capital Markets.

 

The brothers, Goh Ching Wah, Goh Ching Huat and Goh Ching Lai, first announced they would take Ossia private on May 15. As at May 15, the siblings hold a total stake of about 86.06%. The offerors will need to get acceptances exceeding 90% of Ossia&rsquo s shares.

 

In June 2024, the Goh family made a voluntary unconditional general offer of 14.5 cents per share. At the time, the family cited the &ldquo generally low&rdquo trading volume as the reason behind the offer. The family eventually received 85.92% in valid acceptances at the close of the offer.

 

According to the family, the latest offer comes amid a &ldquo challenging business environment&rdquo in Singapore and its other key markets due to tariff uncertainties, geopolitical tensions among other reasons.

 

The offer price represents a premium of around 41.59% over Ossia&rsquo s last traded price of 11.3 cents on May 9.

 

W Capital Markets is also the IFA advising the privatization of two other companies, Amara Holdingsand Sinarmas Land.

 

The controlling shareholders of Ossia have made an unconditional offer on May 15 to take the company private at S$0.16 a share

 

[SINGAPORE] Mainboard-listed Ossia International : O08 +0.63% has appointed Asian Corporate Advisors as the independent financial adviser (IFA) for the unconditional offer made by Ossia&rsquo s controlling shareholders to take the lifestyle products retailer and distributor private.

 

In a bourse filing on Monday (May 19), Ossia&rsquo s : O08 +0.63% board said that the IFA will advise the independent directors of the company on its recommendation to the shareholders in connection with the offer. A circular containing advice of the IFA and the recommendation of the independent directors in respect of the offer will be issued by the company to the shareholders within 14 days of the joint offerors issuing a formal offer document setting out the terms and conditions of the offer.

 

The appointment of the IFA comes after the controlling shareholders of Ossia International : O08 +0.63% &ndash group executive chairman Goh Ching Wah, chief executive Goh Ching Huat, and non-executive director Goh Ching Lai &ndash made an unconditional offer on May 15 to take the company private at S$0.16 a share.

 

The joint offerors are brothers and collectively, they hold stakes totalling 84.79 per cent in Ossia Internationa : O08 +0.63%l, which operates Harvey Norman.

 

Goh Lee Choo, their sister, who holds 1.27 per cent interest in the company, is a concert party in relation to this cash offer.

The offerors say the company faces a challenging environment in Singapore and abroad

 

[SINGAPORE] Shares of Ossia : O08 +41.59% jumped more than 40 per cent on Friday (May 16), after group executive chairman George Goh Ching Wah, chief executive Goh Ching Huat and non-executive director Goh Ching Lai made an unconditional offer on Thursday to take the group private at S$0.16 per share.

 

This offer price is a premium of about 41.6 per cent over its last trading price on May 9 &ndash before the company called for a trading halt on Tuesday pre-market open &ndash of S$0.113. The lifestyle products retailer and distributor proceeded to lift the trading halt on Thursday evening.

 

As at 9.01 am, Ossia&rsquo s share price rose to S$0.16, S$0.047 higher from its last close of S$0.113. By 9.18 am, it inched down to S$0.159, up 40.7 per cent or S$0.046 with 8,600 securities changing hands.

 

The offerors &ndash who are brothers &ndash said the company faces a challenging environment in Singapore and abroad amid an uncertain economic climate stemming from tariff turmoil and geopolitical tensions.

 

They explained that this offer will give shareholders a chance to realise their investments at a premium without incurring brokerage costs.

 

Additionally, it presents an opportunity for shareholders who may find it difficult to exit their investments due to low trading liquidity, the brothers said.

 

The trio collectively hold stakes which total 84.79 per cent in the Singapore mainboard-listed company, which operates Harvey Norman.

 

In June 2024, the Goh family made its first offer to privatise the company at S$0.145 per share in cash through a voluntary unconditional offer.

 

When the offer closed in August, the family ended with a shareholding 85.9 per cent.

The offer represents a premium of 20.8% over the stock&rsquo s last traded price

 

THE Goh family that controls Ossia International : O08 0% on Wednesday (Jun 12) proposed to privatise the company at S$0.145 per share in cash through a voluntary unconditional offer.

 

As at Wednesday, the Singapore-based distributor and retailer of luxury goods has an issued and paid-up share capital of S$31.4 million, with about 252.6 million shares.

 

The offerors are the group&rsquo s executive chairman, George Goh Ching Wah, non-executive director Goh Ching Lai, and chief executive officer Goh Ching Huat.

 

The Goh family said that it is currently their intention to ensure continuity in the operations of the company and its subsidiaries. They added that the rationale for the privatisation offer is for shareholders to have the opportunity to realise their investment at a premium without incurring brokerage costs.

 

The offer price of S$0.145 per share represents a premium of approximately 20.8 per cent over Ossia International&rsquo s last traded price of S$0.12 per share on Jun 7, the last full trading day before the offer announcement. It also represents premiums of about 19.8 per cent, 20.8 per cent, and 16 per cent over the one-month, three-month and six-month volume-weighted average prices, respectively, prior to and including the last trading date.

 

Other reasons include the low trading liquidity of Ossia International&rsquo s shares, with average daily trading volumes at 16,200 shares one month before the offer announcement, representing a mere 0.006 per cent of the company&rsquo s total issued shares. Additionally, the company has incurred compliance costs related to maintaining its listing status, which could be avoided if delisted.

 

The Goh family also believes that the company is unlikely to need access to equity capital markets in the near future, and delisting would provide greater management flexibility. The dividend of S$0.007 per share for the financial year ended Mar 31, announced by the company on May 28, will still be paid to shareholders if approved at the annual general meeting, the family said.

 

Ossia International called for a trading halt last Friday after market close, with its shares ending at S$0.12. Following the announcement of the privatisation offer, the company has requested the lifting of the halt, in a separate bourse filing on Wednesday.