checkAd

     141  0 Kommentare TCC Group Holdings Co., Ltd (f/k/a Taiwan Cement Corporation) Announces Its Intention to File a Simplified Tender Offer for the NHOA Shares, With a View to Delisting NHOA

    Regulatory News:

    TCC Group Holdings Co., Ltd, the indirect majority shareholder of NHOA, announces its intention to file a simplified tender offer for the NHOA shares at a price of EUR 1.10 per share and, if the legal conditions are met at the end of the offer, to request the implementation of a squeeze-out.

    On June 12, 2024, the Board of Directors of TCC Group Holdings Co., Ltd (”TCC” or the ”Company”; TWSE: 1101) approved the Company’s intention to launch a simplified tender offer targeting the shares of NHOA S.A., which are listed on the compartment B of the regulated market of Euronext Paris (“NHOA”; EURONEXT PARIS: NHOA.PA), at a price of EUR 1.10 per NHOA share in cash (the “Tender Offer”), through its indirect subsidiary Taiwan Cement Europe Holdings B.V. (“TCEH”). If the legal conditions are met, TCC, indirectly through TCEH, would request the implementation of a squeeze-out procedure, which would result in the delisting of NHOA’s shares from the regulated market of Euronext Paris.

    This proposed Tender Offer is motivated by several factors. NHOA’s development requires significant investments that will be easier to decide on and implement as a non-listed company: effectively, a private ownership would enable NHOA to more efficiently implement long-term strategies without the pressures of the financial markets’ expectations, regulatory costs and sensitivity to share price fluctuations.

    Furthermore, given the current structure of NHOA’s shareholder base and the low volume of trading, the listing is not particularly beneficial for NHOA. As a reminder, the last c. EUR 250 million rights issue of NHOA completed in September 2023 was in the end almost entirely subscribed by TCC, with most minority shareholders not exercising their preferential subscription rights, resulting in strong share ownership accretion for TCC (from 65.15% to 87.78% of NHOA’s share capital). The subscription price for the new NHOA shares amounted to EUR 1.00 per share (EUR 0.20 of nominal value and EUR 0.80 of issue premium).

    It is also expected that the delisting of NHOA’s shares from the regulated market of Euronext Paris would also enable the simplification of its legal structure.

    As of the date hereof, TCC, indirectly through TCEH, holds 244,557,486 NHOA shares, representing c. 88.87% of NHOA’s share capital and theoretical voting rights.

    The envisaged offer price of EUR 1.10 per NHOA share would reflect a premium of 88% over the last closing share price on June 12, 2024, as well as premiums of 88%, 71% and 66% respectively compared to the volume-weighted average prices over the 60, 120 and 180 trading days preceding that date.

    Seite 1 von 2



    Business Wire (engl.)
    0 Follower
    Autor folgen

    TCC Group Holdings Co., Ltd (f/k/a Taiwan Cement Corporation) Announces Its Intention to File a Simplified Tender Offer for the NHOA Shares, With a View to Delisting NHOA Regulatory News: TCC Group Holdings Co., Ltd, the indirect majority shareholder of NHOA, announces its intention to file a simplified tender offer for the NHOA shares at a price of EUR 1.10 per share and, if the legal conditions are met at the end …

    Schreibe Deinen Kommentar

    Disclaimer