<p>[新加坡] 新加坡证券投资者协会（Sias）呼吁卓越自动系统澄清其对 Asti 股份的有条件要约，因其治理和估值问题引发关注。</p>
<p>卓越自动系统在 1 月份宣布计划以每股 0.005 新元的价格，提供两股新股以换取每股 Asti 股份。这相较于 Asti 在 2022 年 7 月 4 日最后交易价格 0.014 新元，折让 28.6%。</p>
<p>该要约需满足或放弃前提条件，包括 Asti 股份的交易恢复，或在交易未恢复的情况下，获得将 Asti 股份转让给卓越自动系统的批准。</p>
<p>交易所还应原则上批准该要约，以及允许要约方发行新股作为要约的对价。这也需获得要约方股东在股东大会上的批准。</p>
<p>在周四（2 月 12 日），Sias 创始人兼主席 David Gerald 表示，尽管每股新卓越自动系统股份的发行价已定为 0.005 新元，但截至 2024 年 12 月底，该公司的每股净有形负债为负 0.008 新元。</p>
<p>他还指出，自 Asti 于 1 月 22 日在新加坡交易所恢复交易以来，其股份在过去三周的交易价格约为 0.03 新元。</p>
<p>“基于此，卓越自动系统的要约隐含折让已大幅扩大至超过 67%。” Gerald 表示。</p>
<p>Sias 要求卓越自动系统明确谁发起了对 Asti 的有条件自愿要约，并概述在批准交易前进行的任何实质性审议，包括尽职调查。</p>
<p>Sias 进一步要求公司解释独立董事是否评估了要约成功的可能性，特别是在其 “敌意性质和折让” 的背景下。</p>
<p>它还呼吁公司独立主席 Chng Hee Kok 澄清他是否批准了该要约，以及他如何确保该要约是出于善意。</p>
<p>该协会还希望了解董事会对要约的前提条件，包括原则批准的授予，是否有信心能够满足或放弃。</p>
<p>它还询问是否已向新加坡交易所提交了原则批准的申请，以及是否收到任何初步反馈。</p>
<h2>要约原因</h2>
<p>卓越自动系统的核心业务是为半导体和消费电子行业制造机电组件和零件，该公司表示，该要约将使其能够扩展内部能力，更好地服务于半导体行业。</p>
<p>Asti 为全球原始设备制造商、合同制造商和组件分销商提供带卷包装、胶带制造、人工服务和集成电路编程。</p>
<p>要约方表示，预计交易将带来协同效应，从而改善商业前景、提高运营效率和增加成本节约。</p>
<p>它还表示，如果要约成功，计划合并两家公司的半导体业务；上市合并实体或进行贸易出售；并向股东分配收益或股份，同时不私有化 Asti。</p>
<p>在消息发布前，卓越自动系统的股份在周三收盘持平，报 0.005 新元。Asti 的股份则持平，报 0.033 新元。</p>

卓越自动系统

联达科技控股

<p>新加坡证券投资者协会（Sias）已敦促卓越自动系统澄清其对 Asti 股份的有条件收购要约，原因是治理和估值方面的担忧。该要约定价为每股新加坡币 0.005，显著低于 Asti 近期的交易价格。Sias 要求提供有关该要约启动、尽职调查以及独立董事对其成功概率评估的详细信息。卓越自动系统希望通过此次收购增强其在半导体领域的能力，这可能带来运营协同效应和更好的商业前景</p>

<p>[SINGAPORE] The Securities Investors Association (Singapore), or Sias, has called on Advanced Systems Automation to clarify its pre-conditional offer for Asti shares amid governance and valuation concerns.</p>
<div class="lb-trans"><p>[新加坡] 新加坡证券投资者协会（Sias）呼吁卓越自动系统澄清其对 Asti 股份的有条件要约，因其治理和估值问题引发关注。</p>
</div><p>Advanced Systems Automation in January announced its plan to offer two of its new shares for each Asti share, at S$0.005 apiece. This represented a 28.6 per cent discount to Asti’s last traded price of S$0.014 on Jul 4, 2022 prior to its stock being suspended from trading.</p>
<div class="lb-trans"><p>卓越自动系统在 1 月份宣布计划以每股 0.005 新元的价格，提供两股新股以换取每股 Asti 股份。这相较于 Asti 在 2022 年 7 月 4 日最后交易价格 0.014 新元，折让 28.6%。</p>
</div><p>The offer is subject to the satisfaction or waiver of pre-conditions, including either the resumption of trading of Asti shares, or the approval of a transfer of Asti shares to Advanced Systems Automation if trading does not resume.</p>
<div class="lb-trans"><p>该要约需满足或放弃前提条件，包括 Asti 股份的交易恢复，或在交易未恢复的情况下，获得将 Asti 股份转让给卓越自动系统的批准。</p>
</div><p>The exchange should also provide its approval in-principle for the offer, and for the offeror to issue new shares as consideration for the offer. This is also pre-conditional on the offeror’s shareholders’ approval in a general meeting.</p>
<div class="lb-trans"><p>交易所还应原则上批准该要约，以及允许要约方发行新股作为要约的对价。这也需获得要约方股东在股东大会上的批准。</p>
</div><p>On Thursday (Feb 12), Sias founder and president David Gerald said while the issue price of each new Advanced Systems Automation share has been set at S$0.005 apiece, the company’s net tangible liabilities per share as at end-December 2024 stood at negative S$0.008.</p>
<div class="lb-trans"><p>在周四（2 月 12 日），Sias 创始人兼主席 David Gerald 表示，尽管每股新卓越自动系统股份的发行价已定为 0.005 新元，但截至 2024 年 12 月底，该公司的每股净有形负债为负 0.008 新元。</p>
</div><p>He also pointed out that since Asti resumed trading on the Singapore Exchange on Jan 22, its shares have traded about S$0.03 over the last three weeks.</p>
<div class="lb-trans"><p>他还指出，自 Asti 于 1 月 22 日在新加坡交易所恢复交易以来，其股份在过去三周的交易价格约为 0.03 新元。</p>
</div><p>“On this basis, the implied discount to Advanced Systems Automation’s offer has widened materially to in excess of 67 per cent,” said Gerald.</p>
<div class="lb-trans"><p>“基于此，卓越自动系统的要约隐含折让已大幅扩大至超过 67%。” Gerald 表示。</p>
</div><p>Sias requested that Advanced Systems Automation specify who initiated the pre-conditional voluntary offer for Asti and to outline any substantive deliberations undertaken, including the due diligence conducted prior to approving the deal.</p>
<div class="lb-trans"><p>Sias 要求卓越自动系统明确谁发起了对 Asti 的有条件自愿要约，并概述在批准交易前进行的任何实质性审议，包括尽职调查。</p>
</div><p>Sias further requested that the company explain if the independent directors had assessed the probability of success of the offer, particularly in light of its “hostile nature and the discount”.</p>
<div class="lb-trans"><p>Sias 进一步要求公司解释独立董事是否评估了要约成功的可能性，特别是在其 “敌意性质和折让” 的背景下。</p>
</div><p>It also called on the company’s independent chairman Chng Hee Kok to clarify if he approved of the offer, and how he had ensured it was made in good faith.</p>
<div class="lb-trans"><p>它还呼吁公司独立主席 Chng Hee Kok 澄清他是否批准了该要约，以及他如何确保该要约是出于善意。</p>
</div><p>The association also sought clarity on how confident the board was that the offer’s pre-conditions, including the grant of approval-in-principle, would be satisfied or waived.</p>
<div class="lb-trans"><p>该协会还希望了解董事会对要约的前提条件，包括原则批准的授予，是否有信心能够满足或放弃。</p>
</div><p>It also asked whether an application for the approval-in-principle has been submitted to the Singapore Exchange, and any preliminary feedback received.</p>
<div class="lb-trans"><p>它还询问是否已向新加坡交易所提交了原则批准的申请，以及是否收到任何初步反馈。</p>
</div><h2>Reasons for offer</h2>
<div class="lb-trans"><h2>要约原因</h2>
</div><p>Advanced Systems Automation, whose core business is the manufacture of electromechanical components and parts for the semiconductor and consumer electronics industries, said the offer would allow it to expand its in-house capabilities to better serve the semiconductor sector.</p>
<div class="lb-trans"><p>卓越自动系统的核心业务是为半导体和消费电子行业制造机电组件和零件，该公司表示，该要约将使其能够扩展内部能力，更好地服务于半导体行业。</p>
</div><p>Asti provides tape and reel packaging, tape making, manpower services and integrated circuit programming to original equipment manufacturers, contract manufacturers and component distributors worldwide.</p>
<div class="lb-trans"><p>Asti 为全球原始设备制造商、合同制造商和组件分销商提供带卷包装、胶带制造、人工服务和集成电路编程。</p>
</div><p>The offeror had said it expects the transaction to lead to synergies that will result in better business prospects, operational efficiency and increased cost savings.</p>
<div class="lb-trans"><p>要约方表示，预计交易将带来协同效应，从而改善商业前景、提高运营效率和增加成本节约。</p>
</div><p>It also said that if the offer succeeds, it plans to amalgamate the semiconductor businesses of both companies; list the combined entity or pursue a trade sale; and distribute proceeds or shares to shareholders, while not privatising Asti.</p>
<div class="lb-trans"><p>它还表示，如果要约成功，计划合并两家公司的半导体业务；上市合并实体或进行贸易出售；并向股东分配收益或股份，同时不私有化 Asti。</p>
</div><p>Shares of Advanced Systems Automation closed flat at S$0.005 on Wednesday, before the news. Shares of Asti ended flat at S$0.033.</p>
<div class="lb-trans"><p>在消息发布前，卓越自动系统的股份在周三收盘持平，报 0.005 新元。Asti 的股份则持平，报 0.033 新元。</p>
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Sias 要求卓越自动系统就治理和估值问题澄清对 ASTI 的报价