News: A1C AIC Resources Says Intrepid And AIC Agree To Merge

Feb 20 (Reuters) - AIC Resources Ltd (A1C) :

• INTREPID AND AIC AGREE TO MERGE
• INTREPID WILL OFFER 1 INTREPID SHARE FOR EVERY 2 AIC SHARES PURSUANT TO A RECOMMENDED OFF- MARKET TAKEOVER BID
• EXISTING AIC SHAREHOLDERS AND INTREPID SHAREHOLDERS WILL OWN ABOUT 73% AND 27% OF COMBINED ENTITY, RESPECTIVELY
• COMBINED ENTITY WILL BE LED BY AARON COLLERAN AS MANAGING DIRECTOR AND CEO AND JOSEF EL-RAGHY AS CHAIRMAN
• BOARD OF AIC UNANIMOUSLY RECOMMENDS TO AIC SHAREHOLDERS THAT THEY ACCEPT OFFER, IN ABSENCE OF A SUPERIOR PROPOSAL
• MERGER WILL BE IMPLEMENTED BY WAY OF OFF-MARKET TAKEOVER OFFER MADE BY INTREPID FOR ALL OF ISSUED ORDINARY SHARES IN AIC

Source text (http//reut.rs/2DXISoq)

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