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Monday, June 20, 2011

Time Engineering fixes TimeCom offer shares at 53c each (Edge)

TIME ENGINEERING BHD [] has fixed the renounceable offer for sale of up 626.18 million shares of TIME DOTCOM BHD [] at 53 sen.

Time Engineering said on Monday, June 20, the offer price of 53 sen was 33.75% below the five-day volume weighted average market price up to June 17. Based on Monday’s closing price of 79 sen, this was a discount of 26 sen or 29%.

“The entitlement date to determine the shareholders of Time Engineering who are entitled to participate in the offer for sale is fixed on July 5, 2011,” it said.

The offer for sale is on the basis of eight offer shares for every 10 shares held in Time Engineering held as at 5pm on July 5.

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