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Gazelle Ventures offers to acquire No Signboard shares at $0.0021 apiece

The offer will close next month.

Gazelle Ventures announced a mandatory unconditional cash offer to acquire all the issued and paid-up ordinary shares of No Signboard Holdings, except those already owned by the former and its allies. 

In a bourse filing, Gazelle Ventures, an investor of No Signboard, said the offer price is at $0.0021 apiece.

It also informed shareholders that no printed copies of the offer document will be dispatched. 

The offer will close on 16 May at 5:30 PM

ALSO READ: No Signboard to acquire 60% stake at Dining Haus for $1.2m

The cash offer was made after No Signboard announced in March it had completed the allotment and issuance of over 230 million new shares at an issue price of $0.0021 per share, and 145 million convertible redeemable preference shares at $0.031 per piece to Gazelle Ventures. 

The issuance of the subscription shares resulted in the offeror concert party group acquiring and holding 75% of the total number of shares in No Signboard.

Under regulatory rules, the offeror is required to make the offer for the offer shares at no less than the highest price at which the offeror concert party group acquired shares during the offer period and in the six months immediately preceding the offer announcement date. 

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