But before the Aztech meeting , Auric Pacific will meet shareholders on Thursday at 9am at the Orchid Country Club to decide on its selective capital-reduction scheme.
It is offering to buy out the 2 per cent of shares still in public hands after the successful takeover by its major shareholder to take it private in April. The offer price of $1.65 a share is the same as the takeover price.
The IFA, MS Corporate Finance, noted that the offer is pegged at a 16.5 per cent premium over the revalued net asset value per share.
Still, there are shareholders who feel that Auric Pacific may be worth more than that as its business prospects appear to be brightening.
The company returned to the black last year with a bottom-line gain of $7.3 million, compared with a loss of $40.88 million in 2015 due to impairment charges. It also sits on a cash pile of $88.1 million as at end-December. That works out to 70.1 cents a share.
Still, as in all offers made by companies after they have been delisted, shareholders should remember that if they fail to approve the selective capital reduction, there may not be another offer in future to buy out their shares.
Should they take the money and move on to more profitable investment opportunities instead of hanging on to shares they can no longer trade in the stock market?
http://www.straitstimes.com/business/com...bjectively
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