[SINGAPORE] Catalist-listed Aoxin Q&M has appointed Hong Leong Finance as the independent financial adviser (IFA) for the mandatory unconditional cash offer made by Q&M Dental Group, said the board via a bourse filing on Friday (May 9).
The board stated that its IFA will advise the recommending directors on the offer, with a circular outlining the adviser’s advice and the directors’ recommendation to be sent to shareholders within 14 days of the dispatch of the offer document by Q&M.
In the meantime, the board advised shareholders to exercise caution when dealing in their shares and to refrain from taking any action that could be detrimental to their interests until they have reviewed this circular.
The appointment of its IFA follows a bourse filing on May 1, in which the board informed shareholders that Q&M Dental Group intends to acquire all remaining shares it does not already own in Aoxin Q&M at S$0.0321 per share.
The offer will close at 5.30 pm on May 28. If fully accepted, Q&M will pay approximately S$8.1 million for the offer shares.
This development came after Q&M increased its stake in Aoxin Q&M from 33.33 to 50.53 per cent. In accordance with Rule 14.1 of the Singapore Code on Take-overs and Mergers, Q&M is required to make a cash offer for all remaining shares not already owned, controlled, or agreed to be acquired.
Q&M previously stated that it does not plan to make any material changes to Aoxin Q&M’s business operations following the acquisition and intends to maintain the company’s listing on the Singapore Exchange.
Shares of Aoxin Q&M traded flat at S$0.068 on Friday, prior to the announcement.
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