speaking of t/o anyone remember this golden oldie? was a good trading period. 3 March 2015
Cokal receives unsolicited takeover proposal Global metallurgical coal group, Cokal Limited (ASX:CKA), advises it has received an unsolicited nonbinding and incomplete proposal in relation to a conditional off market takeover bid by PT Cakra Mineral Tbk (CKRA) for all of the ordinary shares of Cokal.
CKRA is an Indonesian company listed on the Indonesia Stock Exchange (IDX:CKRA) Cokal has not formed any opinion on the proposal. Its present intention is to engage with CKRA to evaluate the proposal. The outcome of the proposal is speculative. Shareholders should be aware that there is no certainty that any agreement will be reached or that any transaction will eventuate from the current or any future discussions. A further announcement will be made if the negotiations result in a binding agreement.
Shareholders should take no action at this stage until the Directors have evaluated the proposal Proposed Transaction CKRA propose to acquire all of the issued securities of COKAL pursuant to a conditional off market takeover bid on the following terms:
(a) CKRA propose to offer cash or CKRA shares for each Cokal share on issue
i. Cash Settlement: Based on Cokal equity value of AUD70 million. Assuming approximately 471.5 million Cokal shares on issue, proposed cash offer price is AUD $0.15 per share.
ii. Share Settlement: Shares in CKRA equivalent to the value of Cokal shares. Value of CKRA shares to be agreed. Cokal equity value to be AUD70 million plus 25% premium. Assuming approximately 471.5 million Cokal shares on issue, proposed scrip consideration implies offer price of AUD $0.19 per share.
IMO WATCH THIS SPACE - HISTORY WILL REPEAT
CKA Price at posting:
7.2¢ Sentiment: Buy Disclosure: Held
