TalkMed shareholders approve Tamarind Health’s privatisation offer

[SINGAPORE] Shareholders of TalkMed on Tuesday (Jul 15) approved a proposed privatisation offer from Tamarind Health.

Ninety-eight shareholders, representing 89.1 per cent of those present and voting at an extraordinary general meeting of the comapny, voted for the scheme meeting resolution. The shareholders in favour held a total of 1.2 billion shares, or 99.9 per cent of the total shares represented at the meeting.

On Dec 23, 2024, TW Troy, a special-purpose vehicle managed by Tamarind Health, proposed to privatise mainboard-listed TalkMed by way of a scheme of arrangement, at S$0.456 per share.

The Competition and Consumer Commission of Singapore cleared the proposed acquisition on Jun 27.

Following the approval given by shareholders at the meeting, TalkMed said it will submit to the court its application to sanction the scheme.

The company expects the hearing for this application to be held on or around Aug 5, and the last day for its shares to be traded to be on or around Aug 8. Its books are expected to be closed at 5 pm on Aug 19.

Subject to the grant of the court order and satisfaction of all the scheme conditions, the scheme will become effective and binding once the court order is lodged with the Accounting and Corporate Regulatory Authority. TalkMed expects the effective date to be Aug 20.

Payment of the scheme consideration is expected to be by Aug 29, before the company’s delisting by Sep 2.

In a separate filing on Tuesday evening, TalkMed requested the lifting of trading halt, which began earlier in the day. Shares in the company last traded at S$0.455.