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Hi Guys, I am one of the few that did not subscribe to the final offer. Anyone experienced can share what happens next pls? Will we eventually get a compulsory buyout from silverlake axis at 0.36? Will this typically be paid within a month pls?
Silverlake Axis to delist after close of voluntary unconditional offer
Offeror E2I will compulsorily acquire all the shares of shareholders who have not accepted the offer
SOFTWARE company Silverlake Axis : 5CP +1.37% will soon be delisted from the mainboard of the Singapore Exchange (SGX) following the close of its voluntary unconditional offer on Monday (Nov 18).
As at 5.30 pm on Monday, the total number of shares owned, controlled or agreed to be acquired by the offeror E2I, as well as valid acceptances of the offer, amounted to 2.5 billion shares. This represents 98.3 per cent of total shares.
This means that less than 10 per cent of Silverlake Axis&rsquo shares are now held by the public, and trading of the company&rsquo s shares will be suspended.
SGX requires companies to ensure that at least 10 per cent of their total number of shares are held in public hands, a rule also known as the free float requirement.
Accordingly, E2I is entitled &ndash and intends to &ndash compulsorily acquire all the shares of shareholders who have not accepted the offer, said the company in a bourse filing on Monday. Silverlake Axis will be delisted after the compulsory acquisition of these shares.
E2I made the voluntary unconditional offer to take the company private at S$0.36 in cash per share in August. It described its offer as an opportunity for shareholders who have found it difficult to exit their investment because of the counter&rsquo s low trading liquidity.
E2I is wholly owned by Silverlake&rsquo s controlling shareholder Zezz FundQ and led by its chairman Goh Peng Ooi.
Achieved compulsory acquisition threshold. End of the road for those still holding out.
As at 6.00 p.m. on 14 November 2024, the Offeror has received valid acceptances pursuant to the Offer which, together with the Market Purchases, amount to 92.95% of the total number of issued Shares (excluding treasury Shares and other than those already held as at the date of the Offer by the Offeror and its related corporations (or their respective nominees) or any person or body corporate falling within the meaning of Section 215(9A) of the Companies Act). Accordingly, the Offeror is now entitled to, and intends to, exercise its right under Section 215(1) of the Companies Act to compulsorily acquire all the Shares of the NonAssenting Shareholders at the Offer Consideration.
https://links.sgx.com/FileOpen/Right_of_Compulsory_Acquisition_Announcement.ashx?App=Announcement& FileID=825398
As at 6.00 p.m. on 14 November 2024, the Offeror has received valid acceptances pursuant to the Offer which, together with the Market Purchases, amount to 92.95% of the total number of issued Shares (excluding treasury Shares and other than those already held as at the date of the Offer by the Offeror and its related corporations (or their respective nominees) or any person or body corporate falling within the meaning of Section 215(9A) of the Companies Act). Accordingly, the Offeror is now entitled to, and intends to, exercise its right under Section 215(1) of the Companies Act to compulsorily acquire all the Shares of the NonAssenting Shareholders at the Offer Consideration.
https://links.sgx.com/FileOpen/Right_of_Compulsory_Acquisition_Announcement.ashx?App=Announcement& FileID=825398
today 210,000 shares at buy-in market, done up to 43.5c. Throw my holdings as well in buyin today. 
there is some remaining not done, so tomorrow will probably still have buy in.
those who still have ( not accepted offer ) can try sell them tomorrow at 4pm, will start to buy at 39c and then upwards until done.
Thanks and adios Silverlake
there is some remaining not done, so tomorrow will probably still have buy in.
those who still have ( not accepted offer ) can try sell them tomorrow at 4pm, will start to buy at 39c and then upwards until done.
Thanks and adios Silverlake
The below statement is in the announcement.
Shareholders should call the UOB helpline at (65) 6539 7066 during office hours if they
Shareholders should call the UOB helpline at (65) 6539 7066 during office hours if they
have any questions or require assistance completing the relevant Acceptance Form(s)
Seeking your kind assistance, pls let me have the UOB contact number because I?ve called them for 3 days and no one has ever picked up the phone! Many thanks
subaru ( Date: 17-Oct-2024 13:17) Posted:
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Latest announcement.
Closing date extended and acceptance is now at 96.44%.
UOB wishes to announce, for and on behalf of the Offeror, that the closing date of the Offer is extended from 5.30 p.m. (Singapore time) on 21 October 2024 to 5.30 p.m. (Singapore time) on 18 November 2024 or such later date(s) as may be announced from time to time by or on behalf of the Offeror (the " Closing Date" ).
Closing date extended and acceptance is now at 96.44%.
UOB wishes to announce, for and on behalf of the Offeror, that the closing date of the Offer is extended from 5.30 p.m. (Singapore time) on 21 October 2024 to 5.30 p.m. (Singapore time) on 18 November 2024 or such later date(s) as may be announced from time to time by or on behalf of the Offeror (the " Closing Date" ).
Is the offer still on? Any statistics on how many choose combi option?
That is interesting. As I tendered earlier and received the cash and cert earlier too, I noted that my date on my cert is 1-Oct-2024. Looks like everyone will have different starting dates.
subaru ( Date: 17-Oct-2024 13:17) Posted:
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I recieved the payment and share cert on 16 Oct, the share was deducted from my CDP acc on 14 Oct.
I called the UOB hotline today to ask about the redemption date, the person said it is 5 years from the date on the share cert, which is 9 Oct 2024 on my cert.
I called the UOB hotline today to ask about the redemption date, the person said it is 5 years from the date on the share cert, which is 9 Oct 2024 on my cert.
halleluyah ( Date: 17-Oct-2024 10:33) Posted:
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frm the day u mailed the form...
subaru ( Date: 16-Oct-2024 18:49) Posted:
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Do you mean 12 days from the day that shares are deducted from CDP account? Thank you!
halleluyah ( Date: 15-Oct-2024 16:50) Posted:
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I' ve received both my cash and preferred equity.
it takes abt 12 working days to receive yr payment...by postman delivered to yr door....
subaru ( Date: 15-Oct-2024 14:01) Posted:
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I accepted the combi option. My share was deducted only on 14 Oct (yesterday), I have not recieved any payment yet. Can bro/sis here share when their share is deducted and payment recieved?
I just received the payout today, but it was not in the manner I expected.
It was delivered via Singpost as Registered Mail.
So, I was luckily as I happened to be at home to acknowledge the receipt when the postman rang the doorbell.
Inside the envelope,
1) There is a physical check for the $0.30 per share payout, issued by Maybank.
2) For the RPS (redeemable preference shares), there is a paper certificate with my name and address, however, cert does not indicate payout amount, only the number of shares.
So, I need to bank in the check, and that will take at least one day to clear before funds is available in my bank account.
Now I need to figure out the safe keeping of the cert and have a reminder in 5 years time to collect the money when the RPS is redeemed.
At least I can move on from Silverlake Stage 1 saga and worry about Stage 2 RPS in 5 years time.
It was delivered via Singpost as Registered Mail.
So, I was luckily as I happened to be at home to acknowledge the receipt when the postman rang the doorbell.
Inside the envelope,
1) There is a physical check for the $0.30 per share payout, issued by Maybank.
2) For the RPS (redeemable preference shares), there is a paper certificate with my name and address, however, cert does not indicate payout amount, only the number of shares.
So, I need to bank in the check, and that will take at least one day to clear before funds is available in my bank account.
Now I need to figure out the safe keeping of the cert and have a reminder in 5 years time to collect the money when the RPS is redeemed.
At least I can move on from Silverlake Stage 1 saga and worry about Stage 2 RPS in 5 years time.
cmengchan ( Date: 05-Oct-2024 10:27) Posted:
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Silverlake Axis loses free float, likely to delist
It has obtained more than 90% valid acceptances to privatise
SILVERLAKE Axis on Monday (Oct 7) evening said it has lost its free float and may be delisted, now that it no longer meets the free-float requirement of the Singapore Exchange (SGX).
As at 5.30 pm on Monday, the total number of shares owned, controlled or agreed to be acquired by the offeror E2I, as well as valid acceptances of the offer, amounted to 2.3 billion shares. This represents 90.5 per cent of total shares.
That means that less than 10 per cent of the enterprise technology company&rsquo s shares are now held by the public.
The SGX requires companies to ensure that at least 10 per cent of their total number of shares are held in public hands, a rule also known as the free-float requirement.
In a bourse filing, Silverlake said that it has no intention of preserving the company&rsquo s listing status nor will it support any action or take any steps to maintain the status, if the free-float requirement is not met and trading of shares on the SGX is suspended.
E2I &ndash wholly owned by Silverlake&rsquo s controlling shareholder Zezz FundQ and led by its chairman Goh Peng Ooi &ndash also reserves the right to seek a voluntary delisting of the company, it said.
Strict compliance with the voluntary delisting rules could be waived if the offer is &ldquo fair and reasonable&rdquo , and the offeror has received acceptances from independent shareholders at the close of the offer representing a majority of at least 75 per cent of the shares.
But should Silverlake fail to meet the conditions for a voluntary delisting, it will be obliged to comply with the listing manual, including restoring its public float through private placement or otherwise.
&ldquo Shareholders and investors should note there is the risk that the company may be subject to prolonged suspension if both the free-float requirement and the requisite conditions for a delisting are not met,&rdquo Silverlake added.
Earlier in August, E2I had made a voluntary unconditional offer to take the company private at S$0.36 in cash per share. It described its offer as an opportunity for shareholders who have found it difficult to exit their investment because of the counter&rsquo s low trading liquidity.
The closing date of the offer was later extended to 5.30 pm on Oct 21, from Oct 7 previously.
Based on the analysis below, looks like need 93.51% to delist.
https://www.valuebuddies.com/thread-464-post-172139.html#pid172139
https://www.valuebuddies.com/thread-464-post-172139.html#pid172139
cmengchan ( Date: 07-Oct-2024 21:53) Posted:
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Silverlake Axis loses free float trading in shares to be suspended.
https://www.theedgesingapore.com/news/offer/silverlake-axis-loses-free-float-trading-shares-be-suspended
https://www.theedgesingapore.com/news/offer/silverlake-axis-loses-free-float-trading-shares-be-suspended
Opps, after re-reading the details, I think its not mandatory acquisition yet even though it crossed 90%. However, it lost the free float, so I think will be suspended.
6.1 Shareholders should note that as at the date of this Announcement, the Offeror has not received the requisite level of acceptance for any rights of compulsory acquisition under Section 215(1) of the Companies Act (" Section 215(1) Rights" ) to arise.
6.1 Shareholders should note that as at the date of this Announcement, the Offeror has not received the requisite level of acceptance for any rights of compulsory acquisition under Section 215(1) of the Companies Act (" Section 215(1) Rights" ) to arise.