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Goh family makes privatisation bid of shares in Ossia with offer of 14.5 cents (update)

Felicia Tan
·3-min read

The offer price represents a premium of about 20.83% over the last traded price per share as quoted on the SGX on June 7.

The Goh family has made a voluntary unconditional general offer of 14.5 cents per share for all the issued and paid-up ordinary shares it does not own in Mainboard-listed Ossia International O08. The company is a distributor and retailer of lifestyle, outdoors and luggage products and accessories.

The offer, announced on June 12, is made by brothers, Goh Ching Wah, Goh Ching Lai, Goh Ching Huat.

Ching Wah is the group executive chairman and owns 22.76% of the total shares in Ossia. Also known as George, he announced that he would be running for president in Singapore’s presidential election in 2023.

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Ching Lai is a non-executive director of the company and holds 29.84% of the company’s shares.

The third brother, Ching Huat, is the CEO and executive director of the company. He owns shares representing a 22.70% stake in the company.

The brothers’ sister, Goh Lee Choo, is deemed to be acting in concert with the joint offerors. She owns some 1.26% of the total number of shares in Ossia as at June 12.

According to the joint offerors, the offer was made as the trading volume in Ossia’s shares has been “generally low”. The company has an average daily trading volume of some 16,200 shares in the one-month period. Over the last three and six months, the company’s average daily trading volume stood at 11,292 shares and 13,083 shares respectively. Furthermore, there have been 10 days, 26 days and 55 days of zero daily trading

As at June 12, Ossia has an issued and paid-up share capital of $31.4 million comprising 252.6 million ordinary shares.

Should the joint offerors succeed in getting acceptances that exceed 90% of the total number of shares in Ossia, the company will be privatised. The offerors also intend to exercise their right of compulsory acquisition under section 215(1) of the companies act.

The offer price represents a premium of about 20.83% over the last traded price per share as quoted on the Singapore Exchange S68 Securities Trading Limited (SGX-ST) on June 7.

It also represents a premium of 19.83%, 20.83% and 16% over the volume weighted average price (VWAP) of shares for the one-, three- and six-month period.

The joint offerors say they seek to ensure continuity in the operations of the company and its subsidiaries. They will also retain the flexibility to consider and evaluate any options or opportunities in relation to the company.

On May 28, Ossia announced earnings of $6.6 million for the FY2024 ended March 31, 34.6% lower y-o-y. Its net asset value (NAV) per share as at March 31, stood at 21.89 cents.

Shares in Ossia last traded at 12 cents before its trading halt on June 7 after market close.

At 9.32am on June 13, after Ossia requested for the lifting of its trading halt, shares in the company surged 3 cents or 25% up to 15 cents.

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