Well, there it is. I don't think the market has been overwhelmed by the offer, as we are still trading at 54.5 cents... though this is up 21.5 cents or 65%.
"In making this announcement, the Board cautions that there is no assurances that these discussions will result in any specific transaction"... this part may have the market thinking strongly that there is no substance to the 65 cent offer??? (I would have thought that 65 cents would have been the current trading price otherwise).
I'm very keen to hear your opinions.
Regards, Snake13.
INDICATIVE PROPOSAL TO ACQUIRE ESPREON LIMITED
Espreon Limited (“Espreon” or the “Company”) wishes to advise that it has received a proposal from Vectis Group Pty Ltd (“Vectis”) in which Vectis would acquire all of the shares in the Company in which it does not already have a relevant interest. Vectis currently has a relevant interest in 19.72% of Espreon shares.
Under its proposal, Vectis intends to effect the acquisition of all of the outstanding shares in Espreon at $0.65 cash per share through a Scheme of Arrangement. The proposal is preliminary, incomplete and highly conditional on due diligence, exclusivity and events, undertakings and contingencies involving the Company and certain third parties.
The Board of Espreon considers that the proposal merits further detailed evaluation and has commenced discussions with Vectis in that regard. The discussions are at a very early stage, however the Board believes it is appropriate to advise shareholders of the proposal.
The Board’s objective is to protect shareholders’ interests and to maximise shareholder value.
In making this announcement, the Board cautions that there is no assurance that these discussions will result in any specific transaction. The Board will keep shareholders informed of further developments as and when appropriate.
The Board of Espreon has appointed TC Corporate as its financial adviser and Baker & McKenzie as its legal adviser in relation to the proposal.
EON Price at posting:
0.0¢ Sentiment: None Disclosure: Held
