As of 27 Feb 19, the Offeror and its concert parties now have ~90.15% of total shares in M1. Given that the percentage of shares held by the public is ~9.85% and less than the requisite 10% under the free float requirement, the SGX-ST will suspend trading of M1 shares at the close of the offer.

The Offeror has made known that it does not intend to preserve the listing status of M1 and has no intention of taking any action to satisfy the free float requirement or for any trading suspension to be lifted. Thus, the Offeror will take steps to delist the company from the SGX-ST.

We believe that shareholders who do not wish to be vested in an unlisted company should consider tendering their shares to the Offeror. The close of the offer has been extended from 4 Mar 19 to 18 Mar 19 (5.30pm).

We continue to maintain our ACCEPT THE OFFER rating on M1.

Source: OCBC Research - 28 Feb 2019