Is there a silver lining for the minority shareholders of IOI Properties Bhd (IOI Prop) holding a combined 8.67% stake that the privatisation and the de-listing of the company are imminent?
IOI Corp Bhd announced that at the close of its voluntary takeover offer on March 31 2009, it now held about 742,328,471 50 sen shares, representing 91.33% of the issued and paid-up share capital in IOI Prop.
Minority shareholders could: sell their IOI Prop shares in the market before 5pm on April 6 2009, write to IOI Corp and offer their shares, or remain in the unlisted entity of IOI Prop. Minority shareholders who wished to remain in the unlisted entity of IOI Prop would have their investment locked in the unlisted IOI Prop with limited exit strategy.
On a positive note, minority shareholders would be entitled to dividend payments declared by IOI Prop to IOI Corp in the future, but this was at the board’s discretion. Moreover, substantial property transactions by directors or substantial shareholders of IOI Corp would require minority shareholders’ approval at a general meeting. In this case, IOI Corp would have to abstain from voting. Thus, minority shareholders would still determine the outcome of the meeting.
Minority shareholders who held on to their shares and were willing to ride along with IOI Corp could benefit from IOI Prop’s performance in the long run. Hence, IOI Prop minority shareholders are still a force in the long run, despite IOI Prop being unlisted.
Related post:-
IOI Corp / IOI PROP ... Mar 09
IOI CORP ... Oct 08
Scan 16 Apr 2024
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Symbol TypeDateClose PriceVolume13 Day RSI
AWC Overbought 4/16/2024 0.92 6492000 79.19
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