Sembmarine shareholders vote overwhelmingly in favour of demerger; now await Sembcorp vote
SINGAPORE (THE BUSINESS TIMES) - Shareholders of Sembcorp Marine (Sembmarine) have voted overwhelmingly in favour of the two resolutions at the extraordinary general meeting (EGM) under the proposed $2.1 billion recapitalisation plan that will see it demerge from its parent company, Sembcorp Industries ( Sembcorp ).. Read more at straitstimes.com.
On Tuesday morning (Aug 11), Sembmarine shareholders voted on Sembmarine's undertaking of the rights issue and a whitewash resolution that will waive investors' rights to receive a mandatory takeover offer from Temasek.At the EGM, 98.76 per cent, or shareholders of some 1.4 billion shares, voted for the rights issue, while 87.72 per cent, or shareholders with a collective 121.3 million shares, voted for the whitewash resolution, the company said in a regulatory filing.
The Temasek Concert Party Group, as well as parties not independent of the Temasek Concert Party Group, were required to abstain from voting in respect of their shares on the whitewash resolution. These include Sembcorp, DBS Group Holdings, and Rigel Technology.
Sembcorp's EGM will take place at 11.30am on Tuesday, where the company's shareholders will vote on its move to distribute its shares in specie. This, along with the two resolutions from Sembmarine, requires a simple majority, but all three resolutions are inter-conditional. headtopics.com
Sembmarine said that the rights issue, although approved and passed by its shareholders, will"further depend on the outcome of the Sembcorp distribution resolution" that has been tabled to investors.In the days leading up to the EGM, both companies had called on their shareholders to vote in favour of the resolutions tabled at the EGM in order for the transaction to proceed.
Sembmarine stressed that funds from the recapitalisation would be key to fixing its"critical" liquidity needs, and that the rights issue would provide the company with the"much needed recapitalisation" to ride out the industry downturn, strengthen its balance sheet, and re-position the firm for long-term viability.
"If shareholders do not approve the transaction, Sembmarine's strenuous efforts to recapitalise and strengthen its balance sheet will be negated and the critical need to address our liquidity requirements will fail," Sembmarine said. Read more: The Straits Times »
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Sembmarine shareholders vote overwhelmingly in favour of demerger at EGM SHAREHOLDERS of Sembcorp Marine (SMM) have voted overwhelmingly in favour of the two resolutions at the extraordinary general meeting (EGM) under the proposed S$2.1 billion recapitalisation plan that will see it demerge from its parent company, Sembcorp Industries (SCI). Read more at The Business Times.
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