THE offer for OUE Healthcare : 5WA 0% (OUEH) to take Healthway Medical : 5NG 0% private at S$0.048 per share turned unconditional on Wednesday (Sep 27) after garnering acceptances amounting to 50.47 per cent of total issued shares by Healthway Medical.

This makes the offer unconditional as to the level of acceptances, but not in all respects, as offeree resolutions have yet to be approved at Healthway Medical’s extraordinary general meeting to be held later on Thursday.

The percentage of shares held by the offeror concert party group was 42.3 per cent on Jul 3 when the offer was announced. Valid acceptances of the exit offer from shareholders were 8.18 per cent as at 6 pm on Sep 27, which brought the total level of valid acceptances to 50.47 per cent.

OUEH’s offer was made through its wholly-owned subsidiary OUEH Investments – a special purpose vehicle incorporated for the purposes of the exit offer.

With the fulfilment of the minimum acceptance condition, the exit offer will remain open for a period of at least two weeks after the date of the announcement of the shareholders’ delisting approval.

Accordingly, the closing date for the exit offer will be 5.30 pm on Oct 12, 2023.

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The offer will lapse if the proposed offeree resolutions are not approved at the extraordinary general meeting on Thursday.

The delisting of Healthway Medical is also conditional upon the Singapore Exchange agreeing to an application by the company for the delisting.

If these conditions are not met, the exit offer will lapse and all acceptances of the exit offer will be returned, resulting in Healthway Medical remaining listed on the Catalist board.

Shares of mainboard-listed OUEH closed on Wednesday 3.5 per cent or S$0.001 lower at S$S$0.028, while shares of Healthway Medical closed flat at S$0.048, before the announcement.