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22-03-2021, 03:54 PM
Hi retired1again,
As you have already reproduced the relevant portion of the Bermuda Companies Act in your post, it is a OR condition. Meaning, either (i) or (ii) needs to be satisfied in order for them to exercise their right of compulsory acquisition. Since (i) condition has already been satisfied, it doesn't matter whether they satisfy (ii) condition for them to exercise their right of compulsory acquisition. So, yes, they have the right and they also intend to exercise their right of compulsory acquisition. This is stated clearly in the post that you have reproduced here as well.
the Offeror will be entitled, and intends, to exercise its right of compulsory acquisition under Section 102 of the Companies Act (“Compulsory Acquisition”) after the close of the Offer to compulsorily acquire all the Shares of Shareholders who have not accepted the Offer (the “Dissenting Shareholders”) ...
No. As the offeror tend to exercise their right of compulsory acquisition, all the remaining shares out there will be acquired.
(22-03-2021, 02:20 PM)retired1again Wrote: - If the offerers do not receive 95% of the total number of shares by 1 April 2021 and they does not extend the acceptance date, will that mean they can't exercise the rights of compulsory acquisition?
As you have already reproduced the relevant portion of the Bermuda Companies Act in your post, it is a OR condition. Meaning, either (i) or (ii) needs to be satisfied in order for them to exercise their right of compulsory acquisition. Since (i) condition has already been satisfied, it doesn't matter whether they satisfy (ii) condition for them to exercise their right of compulsory acquisition. So, yes, they have the right and they also intend to exercise their right of compulsory acquisition. This is stated clearly in the post that you have reproduced here as well.
the Offeror will be entitled, and intends, to exercise its right of compulsory acquisition under Section 102 of the Companies Act (“Compulsory Acquisition”) after the close of the Offer to compulsorily acquire all the Shares of Shareholders who have not accepted the Offer (the “Dissenting Shareholders”) ...
(22-03-2021, 02:20 PM)retired1again Wrote: - Can an individual accept the offer of S$0.80 for partial of his shareholding and keep the remaining shareholding (even the offerers delist GL Limited from SGX)?
No. As the offeror tend to exercise their right of compulsory acquisition, all the remaining shares out there will be acquired.