SINGAPORE - Watch-listed Informatics Education has received an exit offer from its major shareholder Berjaya Leisure Capital to buy all of the shares in the company which it does not already own at 1.1 cents per share.

 

Berjaya Leisure also announced that it is offering to acquire all outstanding warrants issued by Informatics at a nominal price of 0.01 cent per warrant. As at the announcement date, Informatics has 35,041,371 warrants in issue &mdash or 16.5 per cent of the company&rsquo s share capital &mdash at an exercise price of five cents per share.

 

The offeror does not intend to revise its offer prices for the proposed exit or the warrants.

 

Both the exit and warrant offers are unconditional and in connection with Informatics&rsquo directed delisting from the Singapore Exchange.

 

No extraordinary general meeting will be held with shareholders to discuss the directed delisting. As at the announcement date, the share capital of Informatics was 177,339,649 shares amounting to about $34.7 million.

 

The offer represents a 8.9 per cent premium to the benchmark price of 1.01 cents, based on the stock&rsquo s volume-weighted average price (VWAP) per share for one month up until its last trading day on July 28. For the three-month period up until the counter&rsquo s last trading day, it represents a 4.8 per cent premium to the 1.17 cents benchmark price.

 

However, at the VWAP per share for the six-month period up until its last trading day, the offer represents a 6 per cent discount, with a discount of 17.3 per cent for the 12-month period.

 

A company will be placed on the SGX&rsquo s watchlist if it records pre-tax losses for the three most recently completed consecutive financial years (based on audited full-year consolidated accounts), and has an average daily market capitalisation of less than $40 million over the last six months.

 

Informatics, which provides IT training and education, was first listed on SGX in 1993. Its shares last traded at 0.8 cent before trading was suspended in July this year.

 

Berjaya Leisure Capital, which owns 67.42 per cent of Informatics, is a wholly owned subsidiary of Berjaya Corporation. Both Berjaya Leisure Capital and Berjaya Corporation are listed on the Bursa Malaysia.