Singaporean business magnate Michael Kum has said he would back a takeover of Perth-based OSV operator MMA Offshore.
Kum, a well-known offshore vessel and property investor, holds about 7.7% in MMA via his vehicle, Halom Investments.
MMA said in a filing Monday that Halom intends to vote in favour of the scheme, which would see Singapore-based offshore wind vessel pure-play Cyan Renewables acquire the company for A$2.70 per share.
The directors of MMA had already unanimously backed the bid, as had the company’s other major shareholder, TIGA Trading, and its associates.
For the takeover scheme to proceed, it must be approved by at least 75% of all votes cast by MMA shareholders and, unless waived by the court, by a majority of the number of MMA shareholders present and voting, in person or by proxy, at the meeting.
The co-founder of Miclyn Express Offshore, Kum, was once in a public dispute with the board of MMA over an alleged lack of appropriate governance and accountability for prior decisions. In September 2017, the dispute escalated, and Halom called for the removal of MMA’s managing director and chairman at the annual general meeting.
However, two weeks before the meeting, MMA launched a $100m equity raise, which resulted in a more than doubling of the number of shares on issue. Kum opted out of the raising and saw his interest in MMA slashed from 18.1% he previously held.
