Cosmic Steel stocks began to suspend trading last Thursday and will resume trading on Tuesday (May 20). The acquirer is a consortium with members including a Singapore subsidiary of Japanese listed company Hanwa Co., which currently holds a 31.61% s...
Cosmic Steel stocks began to suspend trading last Thursday and will resume trading on Tuesday (May 20).
The acquirer is a consortium with members including a Singapore subsidiary of Japanese listed company Hanwa Co., which currently holds a 31.61% stake in Cosmic Steel and is the largest shareholder. The acquisition price proposed by the consortium is RMB 0.20 per share, 48.1% higher than the closing price of Cosmic Steel last Wednesday of 0.135 yuan, 57.5%, 61.3%, 70.9% and 75.4% higher than the stock's one-month, three-month, six-month and 12-month trading volume weighted averages, respectively.
They sent letters to the acquirers through lawyers were Ong Tong Hai, Ong Tong Yang, and Weng Qingshan, the founder of Cosmic Steel. Weng Donghai is also the president of Cosmic Steel Company.
The acquirer intends to maintain the listing status of Cosmic Steel. It proposes a conditional acquisition offer, which will only be converted to unconditional only after the acquirer controls more than 50% of the equity.
The major shareholder of the listed company CosmoSteel seeks clarification from the acquirer on some issues.
The SGX main board listed company disclosed the above information on Monday (May 19) that the three shareholders (collectively known as the Weng family) who hold a total of 24.45% of the company's equity, wrote a letter to acquirer 3HA Capital Private Limited on Sunday through a lawyer's letter to acquire some questions about the full acquisition offer announced last Thursday (May 15), and asked for some clarification so that shareholders can obtain necessary and important information to evaluate the acquisition offer.
Cosmic Steel Board pointed out that given the views and intentions of the Weng family on the acquisition offer may affect the outcome of the acquisition offer, the board of directors advises shareholders to buy and sell the company's shares carefully before the acquirer makes clarifications or further developments.
