Otto Marine extends trading halt due to takeover offer

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

Share this article

Follow Offshore Energy Today

Events>

<< Apr 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

GeoConvention 2019

GeoConvention offers some of the best local and international insights to efficient energy exploration…

read more >

16th MOSCOW INTERNATIONAL OIL AND GAS EXHIBITION

The Moscow International Oil & Gas Exhibition display products like oil and gas products, oil and gas services…

read more >

Erbil International Oil & Gas Exhibition 2019

The event will be held at the Erbil International Fair Ground which is one of the largest energy related events in Iraq…

read more >

THE 24 th IRAN INTERNATIONAL OIL , GAS , REFINING & PETROCHEMICAL EXHIBITION

The second largest OPEC producer, Iran sits atop 11 percent of oil and 18 percent of gas…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply