Beyonics

Beyonics: resumed trading at 10.30am.
Private equity firm, Shaw Kwei & Partners via a Special Purpose Vehicle (Channelview Investment), proposes to acquire of Beyonics by way of a scheme of arrangement, gives cash offer of $0.26/sh, +32% premium over the last close.
Beyonics top mgt (and Undertaking Shareholders) will continue to be involved in the business and subscribe for 25% equity stake and 9.6m preference shares in Channelview. They currently hold 20% stake in Beyonics.
Upon the Scheme becoming effective subject to certain conditions, Beyonics will be delisted. The Scheme needs to be approved by not less than 75% of sh/h present at the Scheme Meeting.
The stock is up 19% at $0.235, but is still at a 10% discount vs the proposed cash offer price.

Beyonics reported a net loss of 3.26cts /sh in FYJul11, but trades at 0.5x P/B.