So three IE reports - first offer at $3.36 with the IE saying $3.06 to $3.78 per Western Areas Share
second IE issued in light of Ukraine and elevated Ni prices was $3.87 to $4.88 per Western Areas Share.third IE issued Independent Expert has opined that the Increased Scheme Consideration of $3.87 per Western Areas Share (announced on 11 April 2022) is “not fair”, based on a further updated assessed value range of $4.04 to $5.23 per Western Areas Share.
Western Areas Shareholders should note that since initially announcing the Scheme on 16 December 2021, the Independent Expert has, in response to changing market conditions and transaction terms, provided Western Areas a number of draft opinions on whether the Scheme is in the best interests of Scheme Shareholders (refer to section 1.4(i) of this Scheme Booklet for more details). An initial draft was provided on 23 February 2022 which contained a draft opinion that the Initial Scheme Consideration of $3.36 per Western Areas Share was fair and reasonable and therefore in the best interests of Scheme Shareholders, with an assessed value range of $3.06 to $3.78 per Western Areas Share.Following an extension to the Scheme timetable to allow Western Areas and the Independent Expert to consider the implications for medium to long-term nickel pricing of the significant increase in nickel price volatility following Russia's invasion of Ukraine in 24 February 2022, the Independent Expert provided an updated draft report to Western Areas on 4 April 2022 which contained a draft opinion that the Initial Scheme Consideration of $3.36 per Western Areas Share was neither fair nor reasonable and therefore not in the best interests of Scheme Shareholders, with an assessed value range of $3.87 to $4.88 per Western Areas Share.
In its final report (dated 14 April 2022), prepared at the request of Western Areas to consider the Increased Share Consideration, the Independent Expert has opined that the Increased Scheme Consideration of $3.87 per Western Areas Share (announced on 11 April 2022) is “not fair”, based on a further updated assessed value range of $4.04 to $5.23 per Western Areas Share.
