Shareholders OKs disposal of LHN logistics through voluntary general offer

This complies with the general offer proposed to be made by Milkyway International.

LHN Limited declared that 99.99% of the 244,447,450 total shares voted in favor of its resolution to dispose of LHN Logistics by way of Voluntary Conditional General Offer.

In a bourse filing, the company said only 0.01% or 30,100 shares voted against the resolution during the EGM.

“As more than 50% of the votes were cast in favour of the above resolution, the proposed ordinary resolution at the EGM was duly passed as ordinary resolution of the Company,” read the statement.

The resolution specifically states that the disposal of all of the shares of LHN Logistics Limited held by LHN Group Pte. Ltd., a wholly-owned subsidiary of LHN Limited by way of an acceptance of the voluntary conditional general offer to be made by Milkyway International Chemical Supply Chain Pte. Ltd as the offeror.

Here are the major terms of the offer:

Offer Price: The Offer Price for each Offer Share is S$0.2266 in cash. The Offer Price is final and the Offeror does not intend to revise the Offer Price. The total consideration for the Target Shares will amount to S$31,937,185.28. 

No Encumbrance : The Offer Shares are to be acquired (i) fully paid, (ii) free from any claim, charge, pledge, mortgage, encumbrance, lien, option, equity, power of sale, declaration of trust, hypothecation, retention of title, right of pre-emption, right of first refusal, moratorium or other third-party right or security interest of any kind or an agreement, arrangement or obligation to create any of the foregoing, and (iii) together with all rights, benefits, entitlements and advantages attached thereto as at the Pre-Conditional Offer Announcement Date and hereafter attaching thereto, including but not limited to, the Distributions, on or after the Pre-Conditional Offer Announcement