VERTEX Technology Acquisition Corporation (VTAC) will pay S$5.01 per share to shareholders who have exercised their redemption rights.

This translates to a total of about S$130.3 million to be drawn from the escrow account of the special purpose acquisition company (Spac), based on the redemption of some 26 million shares.

The payment will be made through Central Depository channels on Friday (Dec 8), said Singapore’s first Spac on Tuesday.

The redemption price is derived from the aggregate amount on deposit in the escrow account as at Tuesday, including non-released interest earned, net of any taxes payable on the interest earned, divided by the number of outstanding shares.

Oustanding shares include those held by Venezio and the sponsor Vertex Venture Holdings, but exclude the promote shares, the Spac noted.

VTAC announced last Friday that shareholders have opted to redeem some 26 million shares, about 62.5 per cent of the company’s issued share capital of 41.6 million shares.

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Venezio and Vertex Venture Holdings are both Temasek-linked entities, while Income Insurance, another entity that holds a substantial direct interest in VTAC, is a client of Temasek’s indirect subsidiary Fullerton Fund Management.

Fullerton Fund Management entered into a cornerstone agreement with VTAC during the initial public offering, and subsequently registered Income Insurance as a shareholder.

If all the holdings by Temasek-linked entities are excluded from the calculation – and assuming Income Insurance’s stake was also not among the redeeming shares – the redemption rate goes up to 96.3 per cent. This shows that independent VTAC shareholders are redeeming nearly all the share capital.

VTAC also said last Friday that its business combination with 17Live was passed at an extraordinary general meeting on the day with a vote of 95.5 per cent in favour. A total of 28.8 million shares were represented in the vote.

The Spac also said it will issue special bonus shares to those non-redeeming shareholders, excluding Vertex SPV, which held 9.6 million shares as at the record date. This is on top of additional warrants to all non-redeeming shareholders.

To minimise dilution arising from the executive incentive scheme and the special bonus scheme, the sponsor agreed to waive its right to the allotment and issuance of 6.3 million promote shares to Vertex SPV. The maximum number of promote shares the sponsor is entitled to before Apr 30, 2026, stands at 6.8 million shares, based on the level of redemption, VTAC said.

The Spac suspended the trading of its shares on Nov 28 and resumed on Monday. Its counter was last traded on Nov 24 at S$4.79.