<p>[新加坡] 新加坡證券投資者協會（Sias）呼籲卓越自動系統澄清其對 Asti 股份的有條件要約，因其治理和估值問題引發關注。</p>
<p>卓越自動系統在 1 月份宣佈計劃以每股 0.005 新元的價格，提供兩股新股以換取每股 Asti 股份。這相較於 Asti 在 2022 年 7 月 4 日最後交易價格 0.014 新元，折讓 28.6%。</p>
<p>該要約需滿足或放棄前提條件，包括 Asti 股份的交易恢復，或在交易未恢復的情況下，獲得將 Asti 股份轉讓給卓越自動系統的批准。</p>
<p>交易所還應原則上批准該要約，以及允許要約方發行新股作為要約的對價。這也需獲得要約方股東在股東大會上的批准。</p>
<p>在週四（2 月 12 日），Sias 創始人兼主席 David Gerald 表示，儘管每股新卓越自動系統股份的發行價已定為 0.005 新元，但截至 2024 年 12 月底，該公司的每股淨有形負債為負 0.008 新元。</p>
<p>他還指出，自 Asti 於 1 月 22 日在新加坡交易所恢復交易以來，其股份在過去三週的交易價格約為 0.03 新元。</p>
<p>“基於此，卓越自動系統的要約隱含折讓已大幅擴大至超過 67%。” Gerald 表示。</p>
<p>Sias 要求卓越自動系統明確誰發起了對 Asti 的有條件自願要約，並概述在批准交易前進行的任何實質性審議，包括盡職調查。</p>
<p>Sias 進一步要求公司解釋獨立董事是否評估了要約成功的可能性，特別是在其 “敵意性質和折讓” 的背景下。</p>
<p>它還呼籲公司獨立主席 Chng Hee Kok 澄清他是否批准了該要約，以及他如何確保該要約是出於善意。</p>
<p>該協會還希望瞭解董事會對要約的前提條件，包括原則批准的授予，是否有信心能夠滿足或放棄。</p>
<p>它還詢問是否已向新加坡交易所提交了原則批准的申請，以及是否收到任何初步反饋。</p>
<h2>要約原因</h2>
<p>卓越自動系統的核心業務是為半導體和消費電子行業製造機電組件和零件，該公司表示，該要約將使其能夠擴展內部能力，更好地服務於半導體行業。</p>
<p>Asti 為全球原始設備製造商、合同製造商和組件分銷商提供帶捲包裝、膠帶製造、人工服務和集成電路編程。</p>
<p>要約方表示，預計交易將帶來協同效應，從而改善商業前景、提高運營效率和增加成本節約。</p>
<p>它還表示，如果要約成功，計劃合併兩家公司的半導體業務；上市合併實體或進行貿易出售；並向股東分配收益或股份，同時不私有化 Asti。</p>
<p>在消息發佈前，卓越自動系統的股份在週三收盤持平，報 0.005 新元。Asti 的股份則持平，報 0.033 新元。</p>

卓越自動系統

聯達科技控股

<p>新加坡證券投資者協會（Sias）已敦促卓越自動系統澄清其對 Asti 股份的有條件收購要約，原因是治理和估值方面的擔憂。該要約定價為每股新加坡幣 0.005，顯著低於 Asti 近期的交易價格。Sias 要求提供有關該要約啓動、盡職調查以及獨立董事對其成功概率評估的詳細信息。卓越自動系統希望通過此次收購增強其在半導體領域的能力，這可能帶來運營協同效應和更好的商業前景</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] 新加坡證券投資者協會（Sias）呼籲卓越自動系統澄清其對 Asti 股份的有條件要約，因其治理和估值問題引發關注。</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>卓越自動系統在 1 月份宣佈計劃以每股 0.005 新元的價格，提供兩股新股以換取每股 Asti 股份。這相較於 Asti 在 2022 年 7 月 4 日最後交易價格 0.014 新元，折讓 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>該要約需滿足或放棄前提條件，包括 Asti 股份的交易恢復，或在交易未恢復的情況下，獲得將 Asti 股份轉讓給卓越自動系統的批准。</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>交易所還應原則上批准該要約，以及允許要約方發行新股作為要約的對價。這也需獲得要約方股東在股東大會上的批准。</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>在週四（2 月 12 日），Sias 創始人兼主席 David Gerald 表示，儘管每股新卓越自動系統股份的發行價已定為 0.005 新元，但截至 2024 年 12 月底，該公司的每股淨有形負債為負 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>他還指出，自 Asti 於 1 月 22 日在新加坡交易所恢復交易以來，其股份在過去三週的交易價格約為 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>“基於此，卓越自動系統的要約隱含折讓已大幅擴大至超過 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 要求卓越自動系統明確誰發起了對 Asti 的有條件自願要約，並概述在批准交易前進行的任何實質性審議，包括盡職調查。</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 進一步要求公司解釋獨立董事是否評估了要約成功的可能性，特別是在其 “敵意性質和折讓” 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>它還呼籲公司獨立主席 Chng Hee Kok 澄清他是否批准了該要約，以及他如何確保該要約是出於善意。</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>該協會還希望瞭解董事會對要約的前提條件，包括原則批准的授予，是否有信心能夠滿足或放棄。</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>它還詢問是否已向新加坡交易所提交了原則批准的申請，以及是否收到任何初步反饋。</p>
</div><h2>Reasons for offer</h2>
<div class="lb-trans"><h2>要約原因</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>卓越自動系統的核心業務是為半導體和消費電子行業製造機電組件和零件，該公司表示，該要約將使其能夠擴展內部能力，更好地服務於半導體行業。</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 為全球原始設備製造商、合同製造商和組件分銷商提供帶捲包裝、膠帶製造、人工服務和集成電路編程。</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>要約方表示，預計交易將帶來協同效應，從而改善商業前景、提高運營效率和增加成本節約。</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>它還表示，如果要約成功，計劃合併兩家公司的半導體業務；上市合併實體或進行貿易出售；並向股東分配收益或股份，同時不私有化 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>在消息發佈前，卓越自動系統的股份在週三收盤持平，報 0.005 新元。Asti 的股份則持平，報 0.033 新元。</p>
</div>

Sias 要求卓越自動系統就治理和估值問題澄清對 ASTI 的報價