Mountbatten offers voluntary conditional cash to LTC

It will pay $0.925 per ordinary share.

Mountbatten Enterprises Pte. Ltd. made a voluntary conditional cash offer to acquire all the ordinary shares issued by LTC Corporation Limited, at $0.925 per share.

The targeted shares do not include already owned, controlled, or agreed to be bought by Mountbatten, its related corporations or their respective nominees.

“Mountbatten believes that the offer presents an opportunity for the shareholders of LTC to realise the value of their investment in cash and to exit a thinly traded counter at an attractive premium. Shareholders of LTC accepting the Offer will also save on brokerage and other trading costs that they may have to incur if they sell in the open market,” the company said on its filing with the Singapore Exchange.

The offer is conditional on Mountbatten receiving acceptances. By the close of the offer, the company and its other parties will hold at least 90% of the issued shares.

Mountbatten also reserved the right to reduce 90% acceptance condition to a lower level or more than 50% of the total number of issued shares.