In today’s briefing:
- Spindex Industries (SPE SP): PrimeMovers Equity-Sponsored MBO at S$1.43
- Spindex Industries (SPE SP)’s Clean MBO
Spindex Industries (SPE SP): PrimeMovers Equity-Sponsored MBO at S$1.43
- Spindex Industries (SPE SP) disclosed a privatisation through a scheme of arrangement from the Chairman and PrimeMovers Equity at S$1.43 per share. Including the FY2025 dividend, the total offer is S$1.45.
- While the offer is attractive compared to historical trading ranges, it is light in comparison to peer and precedent transaction multiples. It is also below book value.
- The offer has not been declared final. However, the lack of a disinterested shareholder holding a blocking stake and moderate retail ownership lowers the vote risk.
Spindex Industries (SPE SP)’s Clean MBO
- Late Friday (26th September), precision parts manufacturer Spindex Industries (SPE SP) announced an Offer, by way of a Scheme, from the Tan Family, Spindex’s controlling shareholder (74.95%).
- The Tan’s are offering S$1.43/share, an okay 27.7% premium to undisturbed, and a decade-high price. The Offer is backed by PE outfit PrimeMovers Equity.
- Clean deal. No competing Offer will emerge. I estimate payment mid-Jan 2026.
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