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Categories
| Toyochem shareholders' legal action option |
| Business & Market 2009 | |||
| Written by Financial Daily | |||
| Monday, 23 March 2009 23:45 | |||
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TIPP and Toyo Ink said in a joint circular that the dissenting shareholders, who hold the outstanding 8.63% stake, could request for the names and addresses of all the other dissenting shareholders as a prelude to a possible legal action. The shareholders could jointly take the legal action if they did not want their shares to be compulsorily acquired, the companies said. TIPP director Masamitsu Ishibashi and Toyo Ink director Shu Kanzaki said in the circular, dated March 19, the offerors would not acquire the shares until 14 days after the names of other dissenting shareholders had been posted to them. However, Ishibashi and Kanzaki said unless these shareholders had applied to the High Court on or before April 15, or the High Court ordered otherwise, the offerors would acquire the remaining shares in Toyochem. In November last year, TIPP and Toyo Ink, which held 51% or 20.8 million shares in Toyochem, had jointly made a conditional offer to acquire all the remaining 19.98 million shares at RM2.90 apiece. On Feb 17, the offerors raised the offer price to RM3.20 but this was subject to them holding more than 90% of the offer shares on March 4. The offerors announced the next day that they received 18.26 million shares and this raised their overall stake to 91.37% and the offer would remain open until March 4. Trading of Toyochem shares has been suspended since Feb 10 when it closed at RM2.88.
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