GEAR’s IFA calls revised offer ‘fair and reasonable’
The revised offer was said to “fall within or above” the IFA’s estimated range of the share values.
The independent financial adviser (IFA) of Golden Energy and Resources (GEAR)
AUE has called the company’s revised offer a “fair and reasonable” one.
The comment refers to both the revised all cash consideration of 97.3 cents apiece and the revised PT Golden Energy Mines (GEMS) shares consideration and cash of 96.4 cents apiece. GEMS is GEAR’s Indonesia-listed company.
The revised offer was said to “fall within or above” the IFA’s estimated range of the share values beween the lower value of 74.8 cents an dthe higher value of 96.4 cents
“Accordingly, we advise the non-conflicted directors to recommend shareholders to vote in favour of the distribution resolution and accept the exit offer, unless they are able to obtain a higher price on the open market, after taking into account the applicable transaction costs,” says the IFA.
On March 18, the board of GEAR had increased its offer price for the remaining shares with the all-cash consideration raised by 15% to 97.3 cents per share compared to its previous offer of 84.6 cents per share.
The cash alternative price has also been increased to IDR6,500 (56.7 cents) per GEMS share.
Shareholders who elect to receive GEMS shares will have to have a securities account with the Indonesia Stock Exchange (IDX).
The offer closes at 5.30pm on Aug 15.
As at 10.16am, shares in GEAR are trading flat at 95.5 cents.
Click here to stay updated with the Latest Business & Investment News in Singapore
Penguin International shares surge by 16.2% after privatisation offer of 82 cents per share
Lian Beng's Ong family offers 62 cents per share in unconditional cash offer
Boustead Projects seeks three-month extension to comply with free float rule
Read more stories about where the money flows, and analysis of the biggest market stories from Singapore and around the World
Get in-depth insights from our expert contributors, and dive into financial and economic trends