Keppel Limited

[grubb]

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Dissenting Shareholders have the right under and subject to Section 215(3) of the Companies Act, to require the Offeror to acquire their Shares in the event that the Offeror, its related corporations or their respective nominees acquire, pursuant to the Offer, such number of Shares which, together with the Shares held by the Offeror, its related
corporations or their respective nominees, comprise 90 per cent. or more of the total number of issued Shares as at the final Closing Date of the Offer. Dissenting Shareholders who wish to exercise such right are advised to seek their own independent legal advice. [u]Unlike Section 215(1) of the Companies Act, the 90 per cent. threshold under Section 215(3) of the Companies Act does not exclude Shares held by the Offeror, its related corporations or their respective nominees.[/u]
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Thanks!
This is useful. From what the article says, Keppelcorp needs 90% OF THE MINORITIY SHs to accept (not the total issued shares)
That adds up to 95.5% of the total issued shares
That's different from what i understood

@Layman: scenario 4 happens when Kep corp has <90%, minority >10%, BUT there are <500 shareholders.
Albeit an unlikely scenario, but still possible

Hi GFG,

I was confused by the article as well. The compulsory acquisition threshold is met at 95.5% but at 90% shareholders are entitled to ask the offeror to acquire their shares. So in the end 90% is still the figure we should be looking for. See above for the explanation from their circular.