KUALA LUMPUR (Jan 20): A vehicle linked to Scanwolf Corp Bhd (KL:SCNWOLF) managing director Eddy Seah Ley Hong has triggered a mandatory takeover offer to acquire all the remaining shares it does not own in the plastic extrusion maker at 54 sen per share.
The takeover offer was triggered after the offeror, Mighty Alliance Sdn Bhd, acquired a 34.38% stake or 69.81 million shares in Scanwolf from its shareholders’ vehicles at 54 sen apiece, according to a notice issued on behalf of Mighty Alliance by Maybank Investment Bank.
The offeror said it intends to maintain Scanwolf’s listing on Bursa Malaysia.
Mighty Alliance is 50% owned by Seah, 30% by Datuk Seri Bryan Wong Sze Chien, and 10% each by Datuk Seri Azlan Azmi and Datuk Seri Andrew Lim Eng Guan. The four are deemed the offer’s joint ultimate offerors.
The collective shareholding of the offeror, joint ultimate offerors and persons acting in concert (PACs) stands at 39.67% or 80.54 million shares, according to the notice.
Besides the mandatory offer involving the offer to acquire the remaining 122.51 million shares or 60.33% stake at 54 sen per share, it also covers the group’s warrants at 24 sen apiece, and irredeemable convertible unsecured loan stocks (ICULs) at 18 sen apiece.
The offer prices represented a 5.49% premium to Scanwolf shares’ five-day volume weighted average price (VWAP) of 51.19 sen, 22.82% premium to the warrants' five-day VWAP of 19.54 sen, and 58.38% discount on the ICULs’ three-month VWAP of 43.25 sen.
Elaborating on the share acquisitions which triggered the offer, Mighty Alliance acquired a 29.51% stake or 59.91 million shares in Scanwolf for an aggregate RM32.35 million from Seah, Armani Synergy Sdn Bhd and PEG Capital Sdn Bhd.
Armani Synergy is owned 50% by Wong, 30% by Azlan, and 20% by Lim.
Meanwhile, another 9.9 million shares or 4.87% stake in Scanwolf was acquired by Mighty Alliance from Freddy Lim Nyuk Sang.
Shares in Scanwolf ended unchanged at 51 sen on Monday, valuing the group at RM103.58 million.