THE mandatory cash offer for Procurri : BVQ 0%at S$0.425 per share has garnered valid acceptances for some 124.4 million shares, representing about 42.1 per cent of total issued shares in the IT solutions provider as at Jun 10, 2022.

According to a bourse filing on Monday (Jun 13), offeror DeClout further raised its stake in Procurri by purchasing some 58 million shares, or a 19.63 per cent equity in Procurri, through married trades and open market purchases.

This brings the technology incubator’s resultant shareholding in Procurri to 92.53 per cent.

Prior to the mandatory cash offer announcement date on May 20, DeClout and its concert parties had collectively owned Procurri shares representing a 30.8 per cent equity stake in the company.

DeClout previously announced it intends to maintain the listing status of Procurri following the offer, and does not currently plan to exercise any rights of compulsory acquisition.

UOB is the financial adviser to the offeror in connection with DeClout’s mandatory cash offer.

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Private equity firm Novo Tellus last year made a partial offer for 27.9 per cent of Procurri’s shares at the final price of S$0.365 apiece, noting that Procurri requires “significant strategic investment to grow long-term share value”.

However, the plan fell through after Novo Tellus received valid acceptances that brought its shareholding to just 37.37 per cent. It also failed to receive 50 per cent of independent shareholder votes in favour of the offer.

Shares of Procurri were trading unchanged at S$0.42 as at 10.05 am on Monday, after the news.