KINGBOARDCOPPERFOILHOLDINGSLIMITED Incorporated inBermuda) CompanyRegistrationNumber: 26998) VOLUNTARY UNCONDITIONAL CASHOFFER 1. INTRODUCTION Board Theboardof directors ( the "") ofKingboardCopper FoilHoldingsLimited ( the CompanyShareholders wishestoinformitsshareholders ( the "") that Excel First Offeror Investments Limited ( the ""), has on4April 2019released anannouncement ( the Offer Announcement that theOfferor intendstomakeavoluntaryunconditional cash Offer offer ( the "") for all theissuedandpaid- upordinarysharesof apar valueof US$ 0. 10 Shares each ( the "") inthecapital oftheCompany, other thanthose whichareowned, controlledoragreedtobeacquired bytheOfferor orbypartiesactinginconcertordeemed Concert parties tobeactinginconcert withtheOfferorinrelationtotheOffer (“” andsuch Offer Shares shares “”), withaviewtodelist theCompany fromtheMainBoardofSingapore SGX- ST ExchangeSecuritiesTrading Limited (“”). 2. OFFER 2. 1 General TheOfferwillbemadeonthe terms andconditionsset out intheOffer Announcement and Offer Document theoffer document tobeissuedbytheOfferor (""), and inaccordancewith Section139oftheSecurities andFuturesAct, Chapter 289of SingaporeandtheSingapore CodeonTake- oversandMergers. 2.2 Offer Price S$ 0. 60 in cashOffer Price TheOfferwillbemadeat foreachOfferShare (""). 2.3 Offer Shares TheOfferwill beextendedtoall theOfferShares. TheOfferdoesnot extendtotheShares owned, controlledoragreedtobeacquiredbytheOfferor oritsConcert Parties, including theShareshelddirectlyandindirectly bytheOfferor anditsConcert Partiesasat the date Announcement Date hereof (“”). 2.4 RightsandEncumbrances TheOfferShareswillbeacquired: a) fullypaid; b) freefromall claims, charges, liens, mortgages, encumbrances,hypothecations, retentionof title, powerofsale, equity, options, rightsofpre- emption, rights of first refusal orother third partyrightsorinterestsof anynaturewhatsoever; and c) together withall rights, benefitsandentitlementsattachedtheretoasat the Announcement Dateandhereafter attachingthereto, includingtheright toreceiveandretainall dividends, Distributions rights, other distributions andreturn ofcapital ("") ( if any) whichmaybe announced, declared, paidormadebytheCompany, theRecordDateforwhichfallsonor RecordDate aftertheAnnouncement Date. Forthepurposeof theOfferAnnouncement, “”
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KINGBOARDCOPPERFOILHOLDINGSLIMITEDIncorporatedinBermuda)
CompanyRegistrationNumber: 26998)
VOLUNTARYUNCONDITIONALCASHOFFER
1. INTRODUCTION
BoardTheboardofdirectors (the "") ofKingboardCopperFoilHoldingsLimited (theCompanyShareholderswishestoinformitsshareholders (the "") thatExcelFirst
OfferorInvestmentsLimited (the ""), hason4April2019releasedanannouncement (theOfferAnnouncement thattheOfferorintendstomakeavoluntaryunconditionalcash
Offeroffer (the "") foralltheissuedandpaid-upordinarysharesofaparvalueofUS$0.10Shareseach (the "") inthecapitaloftheCompany, otherthanthosewhichareowned,
controlledoragreedtobeacquiredbytheOfferororbypartiesactinginconcertordeemedConcertpartiestobeactinginconcertwiththeOfferorinrelationtotheOffer (“” andsuch
OfferSharesshares “”), withaviewtodelisttheCompanyfromtheMainBoardofSingaporeSGX-STExchangeSecuritiesTradingLimited (“”).
2. OFFER
2.1 General
TheOfferwillbemadeonthetermsandconditionssetoutintheOfferAnnouncementandOfferDocumenttheofferdocumenttobeissuedbytheOfferor (""), andinaccordancewith
Section139oftheSecuritiesandFuturesAct, Chapter289ofSingaporeandtheSingaporeCodeonTake-oversandMergers.
2.2 OfferPrice
S$0.60incashOfferPriceTheOfferwillbemadeat foreachOfferShare ("").
2.3 OfferShares
TheOfferwillbeextendedtoalltheOfferShares. TheOfferdoesnotextendtotheSharesowned, controlledoragreedtobeacquiredbytheOfferororitsConcertParties, includingtheShareshelddirectlyandindirectlybytheOfferoranditsConcertPartiesasatthedate
AnnouncementDatehereof (“”).
2.4 RightsandEncumbrances
TheOfferShareswillbeacquired:
a) fullypaid;
b) freefromallclaims, charges, liens, mortgages, encumbrances, hypothecations, retentionoftitle, powerofsale, equity, options, rightsofpre-emption, rightsoffirstrefusalorotherthirdpartyrightsorinterestsofanynaturewhatsoever; and
c) togetherwithallrights, benefitsandentitlementsattachedtheretoasattheAnnouncementDateandhereafterattachingthereto, includingtherighttoreceiveandretainalldividends,
Distributionsrights, otherdistributionsandreturnofcapital ("") ( ifany) whichmaybeannounced, declared, paidormadebytheCompany, theRecordDateforwhichfallsonor
RecordDateaftertheAnnouncementDate. ForthepurposeoftheOfferAnnouncement, “”
means, inrelationtoanyDistributions, thedateonwhichShareholdersmustberegisteredCDPwiththeCompanyorwithTheCentralDepository (Pte) Limited (“”), asthecasemay
be, inordertoparticipateinsuchDistributions.
IfanyDistributionisannounced, declared, paidormadebytheCompanyonoraftertheAnnouncementDate, andtheOfferorisnotentitledtoreceivesuchDistributioninfullinrespectofanyOfferSharetenderedinacceptanceoftheOffer, theOfferPricepayableinrespectofsuchOfferSharewillbereducedbytheamountofsuchDistribution.
2.5 OfferUnconditional
TheOfferwillnotbesubjecttoanyconditionsandwillbeunconditionalinallrespects.
2.6 OfferDocument
FurtherinformationontheOfferwillbesetoutintheOfferDocumenttobeissuedbytheOfferor.
3. LISTINGSTATUSANDCOMPULSORYACQUISITION
3.1 Delisting
TheOfferordoesnotintendtopreservethelistingstatusoftheCompany. UnderRule1105ListingManualoftheListingManualoftheSGX-ST (""), uponannouncementbytheOfferor
thatacceptanceshavebeenreceivedthatbringtheholdingsoftheSharesownedbytheOfferoranditsConcertPartiestoabove90% ofthetotalnumberofSharesinissueexcludingtreasuryshares, theSGX-STmaysuspendthetradingoftheSharesontheSGX- STuntilsuchtimetheSGX-STissatisfiedthatatleast10% ofthetotalnumberofSharesinissueexcludingtreasurysharesareheldbyatleast500Shareholderswhoaremembersofthepublic. UnderRule1303(1) oftheListingManual, iftheOfferorsucceedsingarneringacceptancesexceeding90% ofthetotalnumberofSharesinissueexcludingtreasuryShares, thuscausingthepercentageofthetotalnumberof Sharesinissueexcludingtreasurysharesheldinpublichandstofallbelow10%, theSGX-STwillsuspendtradingoftheSharesontheSGX-STatthecloseoftheOffer.
Separately, Rule723oftheListingManualrequirestheCompanytoensurethatatleast10% ofthetotalnumberofSharesinissueexcludingtreasurysharesisatalltimesheldby
FreeFloatRequirementthepublic (""). Rule724oftheListingManualstatesthat, iftheFreeFloatRequirementisnotmet, theCompanymust, assoonaspracticable, announcethatfact, andtheSGX-STmayallowtheCompanyaperiodofthree (3) months, orsuchlongerperiodastheSGX-STmayagree, toraisethepercentageofSharesinpublichandstoatleast10%, failingwhichtheCompanymaybedelistedfromtheSGX-ST.
IntheeventthattheCompanydoesnotmeettheFreeFloatRequirementandthetradingoftheSharesontheSGX-STissuspended, theOfferordoesnotintendtosupportanyactionortakeanystepstomaintainthelistingstatusoftheCompanyortorestoretheFreeFloatRequirement, consistentwithitsintentiontodelisttheCompanyfromtheSGX-ST.
3.2CompulsoryAcquisition
TheCompanyisincorporatedinBermuda. UnderSection102oftheBermudaCompaniesAct, whereanofferorhas, withinfour (4) monthsafterthemakingofanofferunderaschemeorcontractinvolvingthetransferofshares:
a) obtainedacceptancesfromshareholdersholdingnotlessthannine-tenthsinvalueTargetofthesharesinaBermuda-incorporatedcompany ("") whosetransferis
involved (otherthansharesalreadyheld, atthedateoftheoffer, bytheofferor, theofferor’ssubsidiaries, andnomineesoftheofferororitssubsidiaries); and
b) where, atthedateoftheoffer, sharesintheTargetwhosetransferisinvolved, arealreadyheldbytheofferor, theofferor’ssubsidiaries, andnomineesoftheofferororitssubsidiariestoavaluegreaterthan10% ofthetotalissuedsharesoftheTarget, suchacceptingshareholdersalsorepresentnotlessthan75% innumberoftheholdersofsuchshares (otherthansharesalreadyheldasatthedateoftheoffer, bytheofferor, theofferor’ssubsidiaries, andnomineesoftheofferororitssubsidiaries), andfurtherprovidedthattheofferormusthavemadetheofferonthesametermstoallholdersoftheshareswhosetransferisinvolved (otherthanthosealreadyheldasaforesaid),
ApprovalThreshold theofferormayatanytimewithintwo (2) monthsbeginningfromthedateonwhichtheApprovalThresholdisachieved, givenoticeunderSection102(1) oftheBermudaCompaniesActtoanydissentingshareholderthattheofferorwishestoacquire
AcquisitionNoticehisshares (""). WhensuchAcquisitionNoticeisgiven, upontheexpiryofone (1) monthfromthedateonwhichthenoticewasgiven, theofferorshallbeentitledandboundtoacquirethosesharesonthesametermsastheoffer (unlessanapplicationis
Courtmadebythedissentingshareholder(s) totheSupremeCourtofBermuda ("") withinone (1) monthfromthedateonwhichthenoticewasgivenandtheCourtthinksfittoorderotherwise).
Section102(2) oftheBermudaCompaniesActprovidesthatwhere, pursuanttosuchaschemeorcontract, sharesintheTargetaretransferredtoanofferororitsnominee, andthosesharestogetherwithanyothersharesintheTargetheldby, orbyanomineefor, theofferororitssubsidiaryatthedateofthetransfercomprisenine-tenthsinvalueofthesharesintheTarget, theofferormustwithinone (1) monthfromthedateofthetransfergivenoticeofthatfacttothedissentingshareholder(s) oftheTarget, andanysuchshareholdermay
Offereewithinthree (3) monthsfromthegivingofthesaidnoticetohim, givenotice (an " Notice requiringtheofferortoacquirehissharesintheTarget. WhereadissentingshareholdergivesanOffereeNoticewithrespecttoanysharesintheTarget, theofferorshallbeentitledandboundtoacquirethosesharesonthesametermsoftheoriginalofferoronsuchothertermsasmaybeagreedorastheCourt, ontheapplicationofeitherthe
offerororthedissentingshareholder, thinksfittoorder).
UnderSection103oftheBermudaCompaniesAct, theholdersofnotlessthan95% ofthesharesinaBermuda-incorporatedcompany ("Purchasers") maygivenotice ("Section103AcquisitionNotice") totheremainingshareholdersoftheintentiontoacquiretheirsharesonthetermssetoutintheSection103AcquisitionNotice. WhensuchSection103AcquisitionNoticeisgiven, thePurchasersshallbeentitledandboundtoacquirethesharesoftheremainingshareholdersonthetermssetoutintheSection103AcquisitionNoticeunlessaremainingshareholderappliestotheCourttohavetheCourtappraisethevalueofsuchshares.
Accordingly, ifTheOfferorintendstomaketheCompanyitswholly-ownedsubsidiary. entitled, theOfferorintendstoexerciseitsrightofcompulsoryacquisitionunderSection102andSection103oftheBermudaCompaniesAct.
ShareholderswhoareindoubtoftheirpositionundertheBermudaCompaniesActareadvisedtoseektheirownindependentlegaladvice.
4. INDICATIVETIMELINE
4.1 DespatchofOfferDocument
TheOfferDocument, settingoutthetermsandconditionsoftheOfferandenclosingtherelevantformsofacceptanceandapprovaloftheOffer, willbedespatchedtoShareholdersnotearlierthan14daysandnotlaterthan21daysfromtheAnnouncementDate.
4.2 Offer
TheOfferwillremainopenforacceptancesbyShareholdersforaperiodofatleast28daysafterthedateonwhichtheOfferDocumentisposted.
AcopyoftheOfferAnnouncementisattachedherewithtothisannouncement (theAnnouncement” andisalsoavailableonthewebsiteoftheSingaporeExchange
SecuritiesTradingLimitedatwww.sgx.com. ShareholdersareadvisedtorefertothefulltextoftheOfferAnnouncement.
5. INDEPENDENTFINANCIALADVISERANDOFFEREECIRCULAR
IFATheBoardwill, induecourse, appointanindependentfinancialadviser ("") ininteraliaconnectionwiththeOffer. Acircularcontaining, , theadviceoftheIFAandthe
recommendationofthedirectorsoftheCompanywhoareconsideredindependentforthepurposesoftheOfferwillbesenttoShareholderswithin14daysfromthedateofdespatchoftheOfferDocumenttobeissuedbyoronbehalfoftheOfferor.
Inthemeantime, ShareholdersareadvisedtoexercisecautionwhendealingwiththeirSharesandtorefrainfromtakinganyactioninrespectoftheirShareswhichmaybeprejudicialtotheirinterests. TheCompanywillreleasefurtherannouncementsattheappropriatejunctures.
6. RESPONSIBILITYSTATEMENT
ThedirectorsoftheCompany (includinganywhomayhavedelegateddetailedsupervisionofthisAnnouncement) havetakenallreasonablecaretoensurethatthefactsstatedandallopinionsexpressedinthisAnnouncement (otherthanthoserelatingtotheOfferor) arefairandaccurate, andthattherearenomaterialfactsnotcontainedinthisAnnouncement, theomissionofwhichwouldmakeanystatementinthisAnnouncementmisleading.
Whereanyinformationhasbeenextractedorreproducedfrompublishedorotherwisepubliclyavailablesources (including, withoutlimitation, theOfferAnnouncement), thesoleresponsibilityofthedirectorsoftheCompanyhasbeentoensure, throughreasonableenquiries, thatsuchinformationhasbeenaccuratelyextractedfromsuchsourcesor, asthecasemaybe, reflectedorreproducedinthisAnnouncement.
ThedirectorsoftheCompanyjointlyandseverallyacceptresponsibilityaccordingly.
BYORDEROFTHEBOARDKINGBOARDCOPPERFOILHOLDINGSLIMITED
LAMKAPOChairman4April2019
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