Alliance Energy offers to privatise PEC via scheme arrangement

It is offering $0.64 cash per share and a second cash consideration of $0.20 per share.

Alliance Energy Services is offering to privatise plant and terminal engineering specialist PEC via a scheme arrangement, according to a bourse filing.

Under offer terms, Alliance is offering $0.64 cash per share, and a second cash consideration of $0.20 per share via a special cash dividend to be declared through profits and retained earnings of PEC.

PEC offers maintenance and turnaround services and modular process systems to the energy, petrochemical, oil and chemical terminals, and pharmaceutical industries in Asia and the Middle East.

According to the filing, the acquisition presents an opportunity for eligible shareholders to unlock value and realise their investment in the shares at an attractive premium over historical market prices.

If PEC declares any dividends to its shareholders on or after 17 February, and before the date on which the scheme becomes effective under its terms, Alliance reserves the right to reduce the cash consideration by the amount of such distributions.

PEC's executive chairman Edna Ko and a group of shareholders have given their irrevocable undertaking to sell their combined stake of 63.38% to the offeror.

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