FAR shareholder rejects Samuel Terry offer
PERTH (miningweekly.com) – Takeover target FAR on Friday announced that shareholder Meridian Capital International Fund, which owns a 19.28% share in the company, has rejected the takeover offer from Samuel Terry Asset Management.
Samuel Terry Asset Management, which holds a 4.9% stake in FAR, this week announced an off-market takeover offer for FAR, offering 45c a share in cash for the ASX-listed company.
The offer is subject to a minimum acceptance condition of 50.1% of all FAR shares, as well as FAR not undertaking any material acquisitions or disposals, or new commitments, and the company not declaring any distributions.
The offer is expected to open on February 14 and will close on March 14.
Meridian has labeled the offer opportunistic and "wholly inadequate", saying it did not offer shareholders any benefit from FAR’s Sangomar offshore and Sangomar deep offshore (RSSD) project contingent payment, which is worth an estimated $55-million.
“Meridian remains committed to its investment in FAR and would suggest to the directors of FAR that they convene a meeting of shareholders to consider a distribution of all rights to the RSSD contingent payment to shareholders pro-rata to their existing equity shareholding in FAR, ideally with such rights traded directly or indirectly on a listed exchange,” Meridian said in a statement.
FAR on Friday said that it was investigating the distribution, and if it could be done in an "appropriate way".
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