In CCB’s case, the IA did advise the disinterested shareholders to vote in favour of the SCR as the offer price of RM2.20 was reasonable based on several factors.
LAST week, an unexpected event unfolded following Cycle & Carriage Bintang’s (CCB) failure to obtain the necessary approval from uninterested shareholders for its proposed selective capital repayment (SCR) exercise.
As explained, CCB failed to obtain the required majority in numbers and 75% in value as those who voted for were just over 46% of the total number of voters, representing about 58% in total value.
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