Hanwha Ocean SG Holdings Moves to Compulsorily Acquire Dyna-Mac Holdings Shares

United Overseas Bank Limited (UOB), on behalf of Hanwha Ocean SG Holdings Pte. Ltd., has announced a significant development regarding its acquisition of Dyna-Mac Holdings Ltd. shares. This move follows a series of announcements and notifications leading up to the compulsory acquisition of shares from dissenting shareholders.

Key Developments

• The voluntary conditional cash offer by Hanwha Ocean SG Holdings was declared unconditional as to acceptances on 5 November 2024, and in all respects by 15 November 2024.
• On 20 November 2024, it was announced that the Offeror intends to exercise its rights under Section 215(1) of the Companies Act to compulsorily acquire all shares not acquired under the Offer, with an intention to delist Dyna-Mac Holdings from the SGX-ST.
• Documents related to this compulsory acquisition have been dispatched to dissenting shareholders, including a letter outlining the Offeror’s rights and the dissenting shareholders’ rights under Sections 215(1) and 215(3) of the Companies Act.

Shareholder Information

Shareholders who have not accepted the initial offer should note the compulsory acquisition at the Final Offer Price. Importantly, dissenting shareholders have rights under Section 215(3) to require the Offeror to acquire their shares.

While the Offeror will proceed with the acquisition, dissenting shareholders are advised to seek independent legal advice if they wish to exercise their rights or are uncertain about their position.

Implications for Share Value

The announcements and actions taken by Hanwha Ocean SG Holdings could potentially affect the share value of Dyna-Mac Holdings. The move to delist the company from the Singapore Exchange could lead to strategic shifts impacting investors’ decisions.