Date: October 9, 2024
The Securities Investors Association (Singapore) would like to draw the attention of Nera Telecom shareholders who have received the mandatory unconditional cash offer (MUCO) of S$0.075 per share from Ennoconn Corp to the recommendation of the Independent Financial Adviser (IF) SAC Capital that the price is “not fair and not reasonable’’ and that shareholders should reject the offer.
As such, Nera’s independent directors (IDs) have agreed with the recommendation and have also recommended shareholders reject the offer.
SIAS would further like to point out that the word “mandatory’’ in the offer description does not mean that all shareholders are legally obliged to accept the offer – everyone is perfectly entitled to hang on to their shares if they so wish, this being all the more so given the advice of the IFA.
Furthermore, the offeror has stated that a) it will not revise its offer price, b) it does not expect to exercise any rights of compulsory acquisition and c) its intention is to retain Nera’s listing status.
SIAS’s recommendation is therefore the same as the IFA and the IDs – shareholders should reject the offer.
David Gerald
Founder, President and CEO
SIAS
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