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06-07-2013, 06:55 PM
BUSINESS TIMES
PUBLISHED JULY 06, 2013
Viz Branz MD makes mandatory cash offer
BYCARINE LEE CARINEL@SPH.COM.SG
THE managing director of Viz Branz Limited has through his special purpose vehicle made a 78 cents per share mandatory unconditional cash offer for all the issued and paid-up ordinary shares in the Singapore-listed manufacturer and exporter of instant beverages.
Pluto Rising Pte Ltd, which is wholly owned by Mercury Rising Pte Ltd, whose sole director is Viz Branz's managing director and deputy chairman Ben Chng Beng Beng, made the offer yesterday.
While Mr Chng does not hold any shares in Viz Branz directly, he is deemed to have an interest in all the shares held by Pluto Rising.
At 78 cents apiece, the offer represents a 9.09 per cent premium over Thursday's last transacted price of 71.5 cents.
The offer comes after Pluto Rising raised its stake in Viz Branz by 38.25 per cent to 58.09 per cent, triggering an obligation to make a mandatory unconditional cash offer for all the shares.
Pluto Rising intends to have Viz Branz continue with its existing activities. However, it intends to make the company its wholly owned subsidiary and to delist it.
Viz Branz has manufacturing operations in Singapore, China, Myanmar, Thailand and Vietnam. Its products are sold under various brands in markets such as China, South-east Asia, Indochina, Iran, Japan, Africa, the Middle East and the US.
For the third quarter ended March 31, 2013, Viz Branz posted a profit of $4.6 million, or 1.30 cents per share, on revenue of $42.78 million. Nine-month profit was $14.18 million, or 3.99 cents per share, on turnover of $128.86 million.
The group had a net asset value of 29.8 cents as at March 31, 2013, and cash and cash equivalents of $52.89 million.
Viz Branz did not pay dividends for the recent quarter. A year ago, it paid out an interim dividend of 2 cents per share.
It said then that the major markets it operates in have become more competitive and challenging, while its ability to increase selling prices and fluctuation in raw material prices will continue to have an impact on the group's performance.
The offer will be open for acceptance by shareholders for at least 28 days from the date of posting of the offer document.
PUBLISHED JULY 06, 2013
Viz Branz MD makes mandatory cash offer
BYCARINE LEE CARINEL@SPH.COM.SG
THE managing director of Viz Branz Limited has through his special purpose vehicle made a 78 cents per share mandatory unconditional cash offer for all the issued and paid-up ordinary shares in the Singapore-listed manufacturer and exporter of instant beverages.
Pluto Rising Pte Ltd, which is wholly owned by Mercury Rising Pte Ltd, whose sole director is Viz Branz's managing director and deputy chairman Ben Chng Beng Beng, made the offer yesterday.
While Mr Chng does not hold any shares in Viz Branz directly, he is deemed to have an interest in all the shares held by Pluto Rising.
At 78 cents apiece, the offer represents a 9.09 per cent premium over Thursday's last transacted price of 71.5 cents.
The offer comes after Pluto Rising raised its stake in Viz Branz by 38.25 per cent to 58.09 per cent, triggering an obligation to make a mandatory unconditional cash offer for all the shares.
Pluto Rising intends to have Viz Branz continue with its existing activities. However, it intends to make the company its wholly owned subsidiary and to delist it.
Viz Branz has manufacturing operations in Singapore, China, Myanmar, Thailand and Vietnam. Its products are sold under various brands in markets such as China, South-east Asia, Indochina, Iran, Japan, Africa, the Middle East and the US.
For the third quarter ended March 31, 2013, Viz Branz posted a profit of $4.6 million, or 1.30 cents per share, on revenue of $42.78 million. Nine-month profit was $14.18 million, or 3.99 cents per share, on turnover of $128.86 million.
The group had a net asset value of 29.8 cents as at March 31, 2013, and cash and cash equivalents of $52.89 million.
Viz Branz did not pay dividends for the recent quarter. A year ago, it paid out an interim dividend of 2 cents per share.
It said then that the major markets it operates in have become more competitive and challenging, while its ability to increase selling prices and fluctuation in raw material prices will continue to have an impact on the group's performance.
The offer will be open for acceptance by shareholders for at least 28 days from the date of posting of the offer document.