Falcon Energy picks up small slice of CH Offshore

Singapore: Falcon Energy's subsidiary Energian today purchased another 0.008% stake in CH Offshore (CHO), the offshore company that has so far rebuffed Falcon's buyout offer.

The 56,600 shares were purchased for S$0.495 each, the same price at which Falcon has placed a voluntary cash conditional offer to buy all CHO’s issued and paid-up ordinary shares. The buyout was rejected by CHO shareholders in early January.

Falcon says its cash offer of S$0.495 ($0.369) per share is around a 15.2% premium over the unaudited consolidated net tangible asset per CHO share price recorded on December 31, 2014.

Today's share purchase brings Falcon's ownership stake in CHO up to 29.106% (205,226,600 shares). [29/01/15]


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