Finders: Takeover offer opens today
Monday, November 20 2017 - 05:16 AM WIB
ASX-listed Finders Resources Limited provided on Monday the following update in relation to the recent unsolicited off-market cash offer of $0.23 per Finders share by Eastern Field Developments Limited.
?Eastern Field's Bidder's Statement in relation to the offer has now been dispatched to Finders shareholders and the offer period opened today (20 November 2017),? the company said in a statement.
The statement said the Independent Finders Directors reiterate their previous advice that Finders shareholders should ?take no action? in relation to the offer until they have received and considered the company?s Target?s Statement. The Target?s Statement will contain further information, including an Independent Expert?s report as to whether the offer is fair and reasonable for Finders shareholders and a formal recommendation by the Independent Finders Directors in respect of the offer and the reasons for that recommendation. The Target?s Statement will be dispatched to Finders shareholders on or before 5 December 2017.
?Eastern Field?s offer opened today and is scheduled to close on 20 December 2017, unless extended or withdrawn. Withdrawal of the offer is only permitted in limited circumstances, in the absence of which the offer must remain open until 20 December 2017 at the earliest,? Finders said. ?Therefore, there is no need for shareholders to take any action at this time. There will be plenty of time to consider the Offer while it is still open following dispatch of the Target?s Statement.?
By accepting the offer now, shareholders:
? will not have the benefit of considering the Target?s Statement including the Independent Expert?s Report and the Independent Finders Directors' recommendation;
? may be deprived of the opportunity to receive greater value for their Finders shares from an alternative competing proposal (should one emerge) or by selling their shares on ASX; and
? will not receive payment of the Offer consideration for up to one month after the Offer becomes unconditional (if that occurs).
As has been previously reported, Finders announced on October 24 it has received bidder?s statement from Eastern Field Developments in relation to the latter?s proposed off-market takeover offer for the former company.
Eastern Field, which is a special purpose vehicle jointly owned by Procap Partners Limited, IDX-listed investment firm PT Saratoga Investama Sedaya Tbk, and IDX-listed gold mining firm PT Merdeka Copper Gold Tbk, first unveiled the takeover offer on October 6.
Editing by Reiner Simanjuntak