Aug 25 (Reuters) - Thorn Group Ltd (TGA) : RECEIPT OF BINDING...

Aug 25 (Reuters) - Thorn Group Ltd (TGA) :

• RECEIPT OF BINDING OFFER FROM SOMERS LIMITED-
• RECEIVED A BINDING AND CONDITIONAL PROPOSAL FROM SOMERS LIMITED TO ACQUIRE 100% OF SHARES IN THORN
• BINDING AND CONDITIONAL PROPOSAL FOR CASH CONSIDERATION OF A$1.62 PER SHARE
• PROPOSAL ALSO PERMITS, AT THORN'S DISCRETION, TO UNDERTAKE A$10 MILLION OR HIGHER CAPITAL REDUCTION PAYABLE TO THORN SHAREHOLDERS
• IC NOTES THAT THERE IS NO CERTAINTY THAT ENGAGEMENT BETWEEN THORN AND SOMERS WILL RESULT IN A CHANGE OF CONTROL TRANSACTION
• THORN CONTINUES TO RECOMMEND THAT THORN SHAREHOLDERS VOTE IN FAVOUR OF ALL RESOLUTIONS AT UPCOMING AGM