No increase of offer consideration for Silverlake Axis' privatisation exercise, says offeror

Nicole Lim
2-min read

The offer consideration made by E2I, stands at 36 cents in cash or 30 cents in cash and one new redeemable preference shares. E2I’s directors include the founder of Silverlake and his daughter.

Following Silverlake Axis 5cp’ privatisation offer on Aug 26, the offeror, E2I Pte. Ltd, has announced that it does not intend to increase the offer consideration, according to a bourse filing on Sept 24.

The offer considerations are either 36 cents in cash for each offer share, or a combination of 30 cents in cash and one new redeemable preference share in capital of the offeror, for each offer share. The redemption amount for each new share in the offeror is 18 cents.

The filing notes that the offer remains open for acceptance until 5.30pm on Oct 7, or such later dates may be announced from time to time by or on behalf of the offeror.

E2I, was incorporated on July 10 this year to undertake the offer. It has an issued and paid-up share capital of $2 comprising two ordinary shares, both owned by Zezz FundQ Pte. Ltd.

Goh Peng Ooi, the group executive chairman and founder of Silverlake Axis, his daughter Shiou Ling and Ng Lip Chi, Lawrence, are directors of E2I. Shiou Ling is also the executive director and deputy CEO of Silverlake Axis. E2I does not own any shares in Silverlake Axis.

Zezz FundQ is a controlling shareholder of Silverlake Axis. It has 603 million ordinary shares in the company and 8.3 million redeemable convertible preference shares in the company. Goh, owns 100% of the ordinary shares held by Zezz FundQ while Merit Sigma Pte. Ltd. owns 100% of the redeemable convertible preference shares (Merit Sigma RCPS).

The directors of Zezz FundQ are the elder Goh, Shiou Ling, Kim Kenny and Ng. Merit Sigma is wholly-owned by Asean private equity fund Ikhlas Capital Singapore Pte. Ltd. The directors of Ikhlas Capital are Nazir Razak, Kim, Gita Wirjawan, Cesar Purisima and Mok Cheok Meng Tony. The directors of Merit Sigma are Tay Ek Ming and Elaine Bee Choo Tan.

Shares in Silverlake Axis closed flat at 37 cents on Sept 24.

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