NSL Ltd. Faces Potential Trading Suspension Amid Loss of Free Float
NSL Ltd. Faces Potential Trading Suspension Amid Loss of Free Float
NSL Ltd. has announced a potential trading suspension following the mandatory unconditional cash offer by YTL Cement Berhad. This announcement is crucial for shareholders and could significantly impact share values.
Key Points from the Report
- As of 6 November 2024, YTL Cement Berhad, through RHB Bank Berhad, has received acceptances that bring its holdings to approximately 90.12% of NSL Ltd.’s total shares.
- This level of acceptance reduces the public shareholding to approximately 9.88%, below the 10% threshold mandated by the SGX-ST’s Free Float Requirement.
- SGX-ST rules state that trading may be suspended if the public shareholding falls below 10% at the close of the offer.
- The Offeror intends to maintain NSL Ltd.’s listing status but reserves the right to re-evaluate based on final acceptances and market conditions.
- The Offer will close at 5.30 p.m. (Singapore time) on 8 November 2024, with no intention to extend or revise the terms.
Important Information for Shareholders
Shareholders should be aware of the following:
- The potential suspension of trading on SGX-ST if public shareholding remains below the required 10%.
- The need to consider the impending deadline for the Offer, which closes on 8 November 2024 at 5.30 p.m. (Singapore time).
- The Offeror’s stated intention to maintain the listing status, which may provide some stability, though no guarantees can be made.
Potential Impact on Share Prices
The loss of free float and potential suspension of trading could lead to increased volatility in NSL Ltd.’s share prices. Shareholders should closely monitor the situation and consider the implications of the Offeror’s significant control over the company’s shares.
Responsibility Statement
The directors of NSL Ltd. have taken all reasonable care to ensure the accuracy of the information provided in this announcement. They accept responsibility for the fairness and accuracy of the information, ensuring no material facts have been omitted.
For more details, shareholders are advised to review the Offer Document and related announcements.
