RUMAH & Co has once again sweetened its bid to privatise GYP Properties : AWS +1.58%, raising the offer price to a final S$0.20 per share in cash, up 6.4 per cent from the previous price of S$0.188.

 

This comes after the offeror had on Sep 1 raised the offer price to S$0.188 per share, from the initial S$0.168 per share announced on Jul 8. The close of the offer has been extended to 5.30pm on Oct 7, the offeror announced in a bourse filing on Tuesday (Sep 13).

 

Rumah & Co said that it does not intend to revise the final S$0.20 offer price, which represents a 37.9 per cent premium to GYP&rsquo s volume-weighted average price for 1 month up to Jul 8, and a 3.6 per cent premium to its S$0.193 closing price on Tuesday.

 

As of Monday, Rumah & Co had received valid acceptance of the offer representing 81.45 per cent of GYP. Acceptances from the offeror&rsquo s concert parties represent 62.55 per cent of the total number of shares.

THE voluntary cash offer made by Rumah & Co to take real estate developer GYP Properties : AWS +3.3% private was on Thursday (Sept 1) raised to S$0.188 per share, from the earlier S$0.168 per share as announced on Jul 8.

 

As per the announcement on Aug 24, the closing date for the offer had also been extended to Sept 23, at 5.30 pm.

 

The offerer, Rumah & Co is a a special purpose vehicle incorporated in Singapore for the purpose of the offer. The consortium is made up of Rumah Property, Oregold, Global Cities Consult as well as Silverstone Ventures.

 

As at the date of offer on Jul 8, Rumah & Co has an issued and paid-up share capital of S$500,000.00 divided into 500,000 ordinary shares. This represents less than 0.2 per cent of the total number of shares held by the company, which has approximately 274.9 million common shares.

 

With the cash offer, Rumah & Co has plans to delist the mainboard-listed company &mdash a move it believes will allow both parties more flexibility to manage the company&rsquo s business, optimise the use of its management and capital resources and facilitate the implementation of any operational change.

 

Further, this presents an opportunity for shareholders to exit their investment, which may otherwise be difficult due to the counter&rsquo s low trading liquidity, said GYP Properties in the announcement on the Singapore Exchange.

 

At the revised offer price of S$0.188, this puts GYP Properties at a value of about S$51.7 million. Against the volume weighted average price of S$0.145, S$0.15, S$0.156, S$0.153 on a 1-month, 3-month, 6-month and 12-month basis, the offer price represents a premium of 15.9 per cent, 12 per cent, 7.7 per cent, 9.8 per cent respectively against the counter&rsquo s trading price on Jul 8.

 

GYP Properties has on Thursday requested for a trading halt, ahead of the offer price revision. Shares of the company last traded up 3.3 per cent or S$0.006 to S$0.188 before the halt on Thursday. 

 

A filing on June 29 detailed that Sam Goi Seng Hui recently increased his substantial shareholding in GYP Properties above 17 per cent.

 

The transaction of 170,000 shares for a consideration of S$22,100 at 13.0 cents per share increased Mr Goi' s total interest in GYP Properties from 16.96 per cent to 17.02 per cent.

 

For its H1FY21 (ended 31 Dec), GYP Properties posted a net profit of S$4.0 million compared to S$0.8 million for H1FY20 due mainly to recognition of completion of sales of townhouses in Stage 1 of the group' s Remarkables Residences project in New Zealand.

 

Mr Goi has gradually increased his total interest in the real estate company from 14.55 per cent as of Sept 16, 2019.

 

A share price surge of over 30% in GYP Properties&rsquo share price as at 1.08pm has triggered a query from the Singapore Exchange Regulation (SGX RegCo) at 1.11pm on June 2.

 

Shares in GYP Properties were trading at an intra-day and 52-week high of 14.2 cents from 1.08pm to 1.32pm, from its last-closed share price of 10.9 cents.

 

SGX RegCo has since asked GYP Properties to release any information that may have caused the surge in share price. It has also asked the company to confirm its compliance with the Mainboard listing rules.

 

On May 8, GYP Properties substantial shareholder Sam Goi Seng Hui acquired 46,000 shares of the listed company for a consideration of S$4,597. At an average price of 9.99 cents per share, the acquisition increased his total interest in GYP Properties from 16.36 per cent to 16.38 per cent.

 

On May 12, GYP Properties provided an update on the its business operations in New Zealand, noting that the New Zealand government had announced lowering the national alert level response to Covid-19 from Alert Level 3 to Alert Level 2 on May 14.

 

Alert Level 2, in New Zealand sees the easing of lockdown restrictions, but safety and physical distancing rules will remain.

 

As a result, Pakuranga Plaza, the group' s retail centre in New Zealand, is allowed to fully re-open, subject to compliance with safety and physical distancing rules.

 

GYP Properties added that it was in discussions with its tenants to facilitate their re-opening where they are able to comply with these rules.