A lot of emphasis on the EAR directors being independent. Wonder why?
Echo Resources Limited (ASX: EAR) (Echo Resources) notes that Northern Star Resources Ltd (Northern Star) has yesterday lodged its Bidder’s Statement in relation to Northern Star's takeover offer for Echo Resources. Those Directors of Echo Resources who are independent of Northern Star, comprising Mr Victor Rajasooriar (Managing Director and Chief Executive Officer), Dr Alistair Cowden (Non-Executive Chairman), Mr Mark Hanlon (Non-Executive Director) and Mr Anthony McIntosh (Non-Executive Director) (Independent Directors) continue to unanimously recommend that Echo Resources shareholders accept the Northern Star takeover offer (Northern Star Offer), in the absence of a superior proposal, as outlined in Echo Resources' and Northern Star’s joint announcement dated 26 August 2019 and entitled “Northern Star makes recommended takeover offer for Echo Resources” (Announcement). Echo Resources is presently preparing its Target’s Statement, which is expected to be lodged around 18 September 2019 and sent to Echo Resources shareholders a week later. The Target’s Statement will set out further information with respect to the Independent Directors’
Bolding emphasis is mine.
EAR Price at posting:
32.5¢ Sentiment: Buy Disclosure: Held
