Challenger exit offer and delisting proposal lapse after failing to get shareholder OK

Challenger Technologies outlet at SuntecChallenger Technologies outlet at Suntec

Digileap Capital’s offer to acquire Challenger Technologies’ shares and delist the company from Singapore Exchange has lapsed after failing to obtain shareholder approval, the offerer said in a filing to SGX Thursday.

In March, Digileap Capital proposed delisting Challenger Technologies and made an exit offer of S$0.56 a share.

But the offer was conditional on a resolution for the delisting receiving receiving approval from at least 75 percent of voted shares at an extraordinary general meeting (EGM), and the delisting resolution not being voted against by 10 percent or more of the issued shares, the filing said.

At the EGM, held Thursday, 11.36 percent of shareholders voted against the delisting resolution, the filing said.

“The delisting will not proceed and the company will remain listed on the SGX-ST,” Digileap said, adding the exit offer has lapsed and all shares tendered in its acceptance will be returned to shareholders.

Challenger requested the trading halt on its shares be lifted.

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