Following last week’s takeover approach by an unnamed firm, Otto Marine on Monday evening received a proposal in relation to a de-listing, which carries certain conditions, from RHB Securities Singapore (RHB), the financial adviser to the potential offeror.
To remind, last Thursday, Otto received a letter from RHB in connection with a potential transaction asking the company to halt trading
of its shares until the release of the announcement in relation to the proposal. This was followed by a request on Friday from RHB asking Otto to maintain the trading halt until Monday, June 6, 2016.
In this regard, Otto Marine had requested and obtained approval from the Singapore Exchange Securities Trading for an extension of its trading halt by 2 market days, to enable the company to convene a board meeting to consider the said proposal and to make an announcement thereafter.
Otto reiterated its advice to the shareholders asking them to exercise caution when dealing in the shares of the company and to refrain from taking any action in respect of their shares in the company which may be prejudicial to their interests.
Offshore Energy Today Staff