Vectis has advised Espreon that pursuant to the terms of the Scheme Implementation Agreement (“SIA”) Vectis has terminated that agreement.
Accordingly, the Scheme will no longer proceed and discussions between Espreon and Vectis have terminated.
During the recent consultation period, Vectis had proposed to vary the terms of the existing Scheme by waiving the “index decline” clause in the SIA and significantly reducing the Scheme consideration based principally on the present market downturn.
The Board regarded the significantly reduced consideration as inadequate and believed that it was neither fair nor reasonable,
EON Price at posting:
35.0¢ Sentiment: Hold Disclosure: Held
