Advanced Systems Automation Schedules Meeting to Reconsider Proposed Acquisition of LSO Organization; Shares Down 13%

MT Newswires07-02

Advanced Systems Automation (SGX:WJ9) said the company will reconvene an extraordinary general meeting to allow all shareholders to re-consider and vote on the proposed acquisition of LSO Organization, according to a filing with the Singapore Exchange on Monday.

On Oct. 27, 2023, the company had signed a sale and purchase agreement for the acquisition of LSO Organization for about S$20.0 million. The proposed acquisition was put to a vote at an EGM on May 31 but was not passed.

However, shareholders that collectively represented a higher percentage of shareholdings compared to the ones who voted against the proposed acquisition, have provided undertakings to the vendors, through which they will exercise or procure the exercise of all voting rights at an upcoming EGM.

Shares of the manufacturer of automated backend equipment for the semiconductor assembly process were down nearly 13% in recent trading.

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