Yeo Hock Leng, Chief Executive Officer and Director and Goh Seok Eng, Chairman of Dynamic Colours made an offer to acquire remaining 76.85% stake in Dynamic Colours Limited (SGX:D6U) from group of shareholders for SGD 36.3 million on June 1, 2020. Yeo Hock Leng is group Chief Executive Officer and alternate Director and Goh Seok Eng is Executive Chairman of Dynamic Colours. The consideration will be paid in cash for SGD 0.225 per share. In respect of the FY19 Dividend, the Record Date has been announced by the Company to be June 29, 2020. As such, if the settlement date in respect of the Offer Shares accepted pursuant to the Offer by a Shareholder falls after such Record Date, the amount of the FY19 Dividend in respect of such accepted Offer Shares will be deducted from the Offer Price such that the accepting Shareholder will receive the net Offer Price of SGD 0.215 in cash for each accepted Offer Share. At presents, Yeo Hock Leng (13.26%) and Goh Seok Eng (9.89%) collectively hold 23.15% stake comprises of 48.6 million shares. United Overseas Bank stated that sufficient financial resources are available for this transaction.

Offerors have no intention to maintain the listing status of Dynamic Colours. Yeo Hock Leng and Goh Seok Eng should have minimum of 90% of voting rights attributable to the total number of issued shares when Yeo Hock Leng and Goh Seok Eng will be entitled to exercise the right to compulsorily acquire all the shares of the shareholders who have not accepted the offer at a price equal to the offer price. When Yeo Hock Leng and Goh Seok Eng succeed in garnering acceptances exceeding 90% of the total number of issued Shares (excluding any Shares held in treasury), thus causing the percentage of the total number of issued shares (excluding any Shares held in treasury) held in public hands to fall below 10%, the exchange will suspend trading of the shares only at the close of the offer. The transaction is also is subject to shareholders' ratification.

As per announcement of June 22, 2020, the offer being declared unconditional in all respects. The offer has received valid acceptance of approximately 93.92% stake of Dynamic Colours Limited. The Independent Directors recommend that shareholders accept the Offer. The record date for the offer is June 29, 2020. Xandar Capital recommends that offer is fair and reasonable. Intraco disposal shares are transferred to offeror and DCL will cease to be an associate company and consideration will be paid in seven business days of unconditional offer date. Intraco Limited intends to use SGD 19.4 million of the proceeds for exploration of investments, acquisitions of businesses and assets and entry into strategic alliances and/or joint ventures, payment of any dividends to the Intraco's shareholders and general corporate and/or working capital purposes. As on July 1, 2020, an aggregate of 201.4 million ordinary shares were transferred. As on July 9, 2020, Offeror wishes to exercise its right of compulsory acquisition to acquire all the Shares at the Consideration of SGD 0.215 per share. The Offeror will exercise its right of compulsory acquisition to acquire all the Shares on a date (the “Transfer Date”) that is after August 9, 2020. As of July 21, 2020 the transfer of Intraco stake was approved by shareholders of Intraco and accordingly Dynamic Colours Limited ceased to be an associated company of Intraco. As of June 15, 2020 closing date of offer is July 13, 2020. As per announcement of June 22, 2020, closing date of offer is extended to July 27, 2020. On July 27, 2020, the offerors received acceptances amounting to approximately 210 million shares or 98.72% stake.

United Overseas Bank acted as financial advisor to Yeo Hock Leng and Goh Seok Eng. Tricor Barbinder Share Registration Services acted as the processing and receiving agent for the offerors. Christy Lim, Mark Choy, Cornelia Fong and Jason Chua of WongPartnership acted as legal advisors to Yeo Hock Leng and Goh Seok Eng. Loo Chin Keong and Pauline Sim Poi Lin of Xandar Capital Pte. Ltd acted as financial advisor and Tricor Barbinder Share Registration Services acted as registrar to Dynamic Colours. Morgan, Lewis & Bockius LLP acted as legal advisor to Intraco Limited (SGX:I06).