Neptune Marine Services Limited, received after market yesterday a proposed takeover offer from Blossomvale Investments Pte Ltd (Blossomvale).
Blossomvale is a substantial shareholder of Neptune and a wholly owned subsidiary of MTQ Corporation Limited (MTQ) and its proposal is to acquire all the shares of Neptune it does not own, at a cash price of 3.2 cents per share. MTQ is listed on the Singapore Exchange. The proposed offer is conditional on MTQ shareholder approval and several other conditions.
As Mr Boon Wee Kuah is a director of both NMS and Blossomvale, an independent board committee will be established for the purposes of the proposed offer. This independent committee will meet to consider the proposed offer shortly. At this stage, Neptune shareholders are advised to take NO ACTION until they receive information from the independent committee of Neptune directors. Neptune will keep shareholders informed of developments as they occur.
Press Release, October 30, 2012