Proxy firms clear Senex Energy bid, next stop meeting
Mar 7, 2022 – 7.00am
“In light of the meaningful (sic) premium implied by the acquisition proposal, which is payable entirely in cash, thereby providing certainty of value and eliminating shareholders’ exposure to further risk and uncertainty associated with Senex’s standalone value, having taken into account recent developments in the commodity and capital markets, we believe the proposed acquisition represents an attractive opportunity for shareholders to realize a fair value for their investments.”
ISS said a vote for the proposal was warranted given the 20.4 per cent premium, all-cash consideration, the independent expert’s valuation at $4.17 to $4.92, market reaction post the deal and the fact no superior offers had emerged. Yet.
“Given the premium of the all-cash consideration to shareholders compared with the recent trading prices of the company’s shares, the certainty of value for investors, the absence of any material corporate governance concerns and in the absence of a superior offer, support FOR the proposal is warranted,” it told clients.
Ownership Matters also told clients to vote for the bid, in line with the board recommendation.
The cunning scheme meeting is scheduled for March 15 in Brisbane.
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