MAINBOARD-LISTED electronics company TPV Technology on Monday announced that its proposed privatisation via a scheme of arrangement was sanctioned by the court on Nov 8.
However, the scheme is still subject to the delivery of a copy of the court order to the registrar of companies in Bermuda for registration, and this is expected to take place by Tuesday.
The scheme is thus expected to become effective on Tuesday, assuming that all conditions are fulfilled or waived. It will lapse if it does not become effective by the long stop date of March 31, 2020.
TPV shares, which are dual-listed in Hong Kong and Singapore, will delist from both stock exchanges with effect from Thursday at 4pm, subject to the scheme becoming effective, as the company has received approval from the two bourse operators for the withdrawal of listing. The approval is not an indication of the merits of the scheme of the delisting, TPV noted.
The companyâ€™s bourse filing on Monday also set out an indicative timetable for the remaining steps of the privatisation.
In August, electrical components company CEIEC (HK) Limited and its concert parties, which include Chinese state-owned enterprise China Electronics Corporation, proposed to take TPV private. CEIEC and the concert parties owned 49.04 per cent of TPV shares in August and were looking to snap up the remaining 50.96 per cent for HK$3.86 per share in cash. That represented a premium of about 41.4 per cent over its Hong Kong Exchange closing price on Aug 8.
TPV suspended trading in its shares on Nov 5. The counter last closed at 66 Singapore cents on Nov 4 on the Singapore Exchange.