Armstrong Industrial Corporation

[CityFarmer]

I am curious on condition of receiving acceptance of more than 72%.
Isn't that to delist, they should aim at 90% acceptance?

The minimum acceptance in the Exit Offer is 72%, and the aim is still 90% to exercise its right of compulsory acquisition under Section 215(1) of the Companies Act.

IMO, the reason for 72% minimum acceptance, is due to the Ong Family's existing holding of 46.5% in the Company. The Ong Family's holding 65% in AGP Asia Holding Pte. Ltd, the Offeror. It doesn't make sense with an acceptance of below 72% which is effectively lower than the Ong Family's existing holding. (72% x 65% ~= 46.5%)

I attached the Exit Offer here for easy reference

http://infopub.sgx.com/Apps?A=COW_Corpor...cement.PDF