SINGAPORE (March 28): Gentle Care, the entity linked to Indonesia’s Lippo Group, is extending the closing date for its takeover offer of Healthway Medical Corporation to 5.30pm on May 2, 2017 after it expired at 5.30pm on Tuesday.
In a Singapore Exchange filing at 9.08pm, Gentle Care also announced it is making an offer to acquire Gateway Partners’ S$70 million convertible notes, which are convertible into new shares at a price of 3.384 Singapore cents per share.
Heathway Medical last Friday received the initial net proceeds from the first tranche of its convertible notes issuance to Gateway Partners, the private equity firm.
This comprised a principal amount of S$10 million, enabling the latter to fulfil its immediate liquidity needs.
The issue of the second tranche of convertible notes comprises a principal amount of S$60 million, which is subject to shareholders' approval.
In a separate filing at 6.12pm on Monday, Gentle Care also reported it controls about 560.8 million shares, representing about 22.8% of total shares issued or 20.4% of maximum potential issued share capital.
Gentle Care is offering 4.2 Singapore cents in cash each for all the shares of Healthway it does not own. Gentle Care is a wholly-owned subsidiary of Valiant Leader, and an indirect subsidiary of entities including Lippo China Resources (LCR), Lippo and Lippo Capital.
Shares of Healthway Medical closed at 4 Singapore cents on Tuesday.