Starburst loses minimum required free float
CATALIST-listed Starburst's free float - or shares held by the public - has dipped below the 10 per cent required under Rule 1303(1) of the listing manual, it said in a bourse filing after market hours on Friday (Mar 4).
The company called for a trading halt early Friday morning.
The fire-arms training facility manager has a pre-conditional voluntary offer at S$0.0238 per share from Nordic Flow Control, which has turned into a compulsory acquisition offer. This comes after shares controlled by the offeror and concert parties including acceptances have reached 91 per cent or 226.2 million shares as at 6 pm on Mar 3.
The offer remains open for acceptance till 5.30 pm on Mar 7, and Nordic Flow Control does not intend to extend the offer beyond that. The offeror plans to delist the company at the close of the offer.
Shares of Starburst last traded at S$0.024 on Mar 4 before the trading halt.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
iPhone maker Hon Hai’s April sales rise 19% in positive signal
Worsening weather is igniting a US$25 billion market
TikTok tells advertisers: ‘We are not backing down’
EV automakers get reprieve in US tax credit rules
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance