Gul Tech

Gul Tech: will lift trading halt at 8.30am this morning. Following Gul Tech’s announcement two wks back on possible corporate actions and an offer for the company, Greenwich Pacific (the Offeror) has proposed a voluntary delisting of Gul Tech. The Offeror will make an unconditional exit offer to acquire all remaining shares at $0.162/sh (par with Friday’s closing price). Greenwich concert parties comprise Nuri Pacific, Tuan Sing, Mr Tan Kim Leong (Tuan Sing Chairman), Dr Tan Enk Ee and Mr Khoo Chin Inn, collectively hold 86.44% of Gul Tech. The delisting needs a majority of at least 75% of approval by shares, and must not be voted against by 10% or more of the total shares at an EGM. As Nuri Pacific and Tuan Sing (who collectively hold ~86.3% of shares out) are not related corporations, there will be no compulsory acquisition of shares by the offeror if the delisting goes through. Shareholders who did not initially accept the exit offer will also not have the right to require the offeror to acquire their shares.