Sydney - Friday - November 16: (RWE Australian Business News) - Engin (ASX:ENG) confirms it has accepted Network Investment Holdings Pty Limited's off-market takeover bid for all the ordinary shares in Unwired Group Limited held by Engin. The amount Engin will receive following acceptance of the offer is $25.1 million. Engin will repay the debt facility that the Seven Network Group provided to it to fund the acquisition of the 19.8% stake in Unwired. The amount owing to the Seven Network Group as at 31 October 2007 was $21.1 million (comprising a principal amount of $20.8 million plus capitalised interest of $0.3 million). Following repayment, Engin's net proceeds will be $4.0 million.
ENG Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
