ICP Limited’s exit offer declared unconditional

The offer will close on 23 June.

ICP Limited’s exit offer has been declared unconditional in all respects following shareholder approval at the extraordinary general meeting (EGM) held on 9 June.

On 19 April, ICP’s controlling shareholder, Aw Cheok Huat, offered $0.009 per share to delist the company from the SGX Catalist, citing low trading liquidity.

The offer represents a 16.9% premium over the volume-weighted average price (VWAP) of $0.0077 for the one-month period ending 1 April and a 20% premium over the VWAP for the three-month period leading up to that date.

As of 6 p.m. on 9 June, Aw had received valid acceptances for 116.5 million shares, representing a 3.49% stake in ICP.

As of 19 April, Aw and his concert parties collectively owned or controlled approximately 2.01 billion shares, or 60.20% of the company.

The offer will close at 5:30 p.m. on 23 June, with no plans for extension.