News: DDH DDH1 and Perenti To Merge

June 26 (Reuters) - DDH1 Ltd (DDH) :

• ENTERED INTO A BINDING SCHEME IMPLEMENTATION AGREEMENT
• UNDER AGREEMENT DDH1 WILL COMBINE WITH PERENTI
• UNDER TRANSACTION DDH1 SHAREHOLDERS WILL RECEIVE FOR EACH DDH1 SHARE HELD A$0.1238 CASH PLUS 0.7111 PERENTI SHARES
• DDH1 SHAREHOLDERS WILL OWN 29% OF COMBINED ENTITY
• DDH1'S BOARD UNANIMOUSLY RECOMMENDS SHAREHOLDERS VOTE IN FAVOUR OF PROPOSED TRANSACTION
• DIRECTORS OF DDH1 CONTROLLING 13.1% OF DDH1 SHARES INTEND TO VOTE IN FAVOUR OF PROPOSED TRANSACTION
• IMPLIED OFFER VALUE VALUING DDH1'S BUSINESS AT AN EQUITY VALUE OF A$410 MILLION
• DDH1 CEO, SY VAN DYK, WILL BECOME PRESIDENT OF NEWLY FORMED DRILLING SERVICES DIVISION
• UPON COMPLETION OF PROPOSED TRANSACTION PERENTI WILL HAVE AN EXPANDED BOARD OF 8 MEMBERS
• ROB COLE TO REMAIN CHAIR OF PERENTI; MARK NORWELL AND PETER BRYANT WILL REMAIN MD & CEO AND CFO OF PERENTI RESPECTIVELY
• EXPANDED BOARD COMPRISED OF 6 DIRECTORS FROM PERENTI AND 2 FROM DDH1
• PROPOSED TRANSACTION IS EXPECTED TO SECURE SIGNIFICANT P&L SYNERGIES OF A$22 MILLION
• SEES FY23 UNDERLYING EBITDA WILL BE BETWEEN A$117 MILLION AND A$121 MILLION
• BELIEVES FY23 UNDERLYING EBITDA WILL BE BETWEEN A$117 MILLION AND A$121 MILLION
• IN Q4 DDH1 HAS SEEN IMPROVEMENT IN UTILISATION AND REVENUES AS CUSTOMER DRILLING PROGRAMMES RECOMMENCED