News: LGD Legend Corporation Announces Recommended Cash Offer From Adamantem Capital

May 24 (Reuters) - Legend Corporation Ltd (LGD) :

• ANNOUNCES RECOMMENDED CASH OFFER FROM ADAMANTEM CAPITAL OF $0.365 PER SHARE
• UNDER DEAL, LEGEND SHAREHOLDERS OFFERED $0.365 PER SHARE
• DIRECTORS OF LEGEND UNANIMOUSLY RECOMMEND THAT LEGEND SHAREHOLDERS VOTE IN FAVOUR OF SCHEME
• LEGEND MAY DECLARE AND PAY A FULLY FRANKED SPECIAL DIVIDEND OF UP TO 7 CENTS PER SHARE IN CASH
• ENTERED INTO BINDING SCHEME IMPLEMENTATION AGREEMENT UNDER WHICH IT IS PROPOSED THAT ADAMANTEM WILL ACQUIRE 100% OF CO'S SHARES
• SCHEME CONSIDERATION OF $0.365 PER SHARE VALUES CO'S FULLY DILUTED EQUITY AT ABOUT $79.6 MILLION, & IMPLIES ENTERPRISE VALUE OF $100.6 MILLION
• SCHEME IS SUBJECT TO CERTAIN CONDITIONS, INCLUDING APPROVAL FROM FOREIGN INVESTMENT REVIEW BOARD (FIRB)