News: PGX NRW Holdings Takeover Offer For Primero Group

Nov 24 (Reuters) - Primero Group (PGX) :

• TAKEOVER OFFER FOR PRIMERO GROUP LIMITED,NWH-PGX.AX
• NRW ANNOUNCES CONDITIONAL OFF-MARKET TAKEOVER OFFER OF $0.275 CASH PLUS 0.106 NRW SHARES FOR EACH PRIMERO SHARE
• UNDER OFFER, PRIMERO SHAREHOLDERS WILL RECEIVE $0.275 CASH, PLUS 0.106 NRW SHARES PER PRIMERO SHARE
• PRIMERO DIRECTORS UNANIMOUSLY RECOMMEND THAT PRIMERO SHAREHOLDERS ACCEPT OFFER
• OFFER PRICE VALUES PRIMERO AT $0.55/PRIMERO SHARE
• NRW INTENDS TO FUND CASH COMPONENT OF OFFER USING AVAILABLE CASH ON BALANCE SHEET & ACQUISITION FACILITY OF $50M PROVIDED BY BANKWEST
• IF OFFER IS SUCCESSFUL, PRIMERO SHAREHOLDERS WILL OWN ABOUT 4.4% OF PRO FORMA SHARES OF NRW
• NRW TO PROVIDE PRIMERO WITH $10 MILLION SECOND RANKING SECURED LOAN FACILITY