Revez Corp receives mandatory offer at 3.06 cents per share
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Kelly Ng
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REVEZ Corporation has received a mandatory offer for all its shares from investors Lim Quee Lan and Tan Swee Kim Bernard, the Catalist-listed digital services company said in a bourse filing on Wednesday (Dec 7).
The duo have acquired a 58.6 per cent stake from L3N Capital, Revez’s chief executive officer Victor Neo, chief operating officer Lim Kian Sing and Liang Xingfen, the wife of Revez’s chief creative technology officer Lee Han Chong.
The offer was made at S$0.0306 per share. This is 66 per cent below the last-transacted price of S$0.09 per share.
The offer price is also at a 65.6 per cent discount from the volume-weighted average price of 8.89 cents, for the one-month period up to and including Dec 1.
Before the offer, L3N Capital had a 53.8 per cent stake in Revez, while Neo had a 1.9 per cent stake, Lim a 2.9 per cent stake, and Liang a 0.1 per cent stake.
Lim is an investor who previously worked as an executive in a multinational corporation, while Tan is the founder and managing director of Quadrant Law. As a result of the acquisition, the joint offerors are obliged to make a mandatory unconditional cash offer for all issued and paid-up ordinary shares in the capital of the company. The duo said they are making the offer solely to comply with requirements of the Singapore Code on Take-overs and Mergers.
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They said they do not intend to introduce major changes to the existing businesses of the group, redeploy its fixed assets, or discontinue the employment of its staff, other than in the ordinary course of business.
They will, however, review strategic options to release value of existing businesses, including considering potential acquisitions, disposals, joint ventures, business partnerships and business model transformation opportunities.
They may also seek approval from Revez’s shareholders to diversify its businesses.
The counter closed flat at S$0.09 on Wednesday.
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