SMB United

SMB United: requested for halt at 10.15am this morning.
Profit Sea, a wholly owned indirect subsidiary of Boer Power Holdings, proposes a voluntary conditional cash offer at $0.32/sh. This compares with last traded at $0.30 just prior to the halt, and NAV of $0.293/sh.
As an acceptance condition, the Offeror must end up controlling not less than 52.5% of the shares out.
The Offeror reserves the right to revise the Minimum Acceptance Level during the course of the Offer, provided that the revised offer remains open for another 14 days following the revision and sh/h who had accepted the initial Offer will be permitted to withdraw their acceptance within 8 days of this revision.
The Offeror intends to exercise any rights of compulsory acquisition that it may have in connection with the Offer. It is the intention of the Offeror to privatise SMB and to delist SMB, should the option be available to the Offeror.