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Thursday, April 1, 2021
Australian independent FAR Ltd announced that Russian major Lukoil has decided not to advance its offer to acquire the shares of FAR at 2.2c cash per share. FAR had previously cautioned that the Lukoil Proposal was not a legally binding offer, was subject to targeted and timely corporate due diligence on FAR, was subject to final Lukoil board approval, and that there was no certainty that the Lukoil Proposal would necessarily eventuate.
FAR has convened a shareholders meeting on 15 April 2021 to consider approving the sale of its interest in the Senegal RSSD project to Woodside. The FAR directors continue to support the Woodside sale.
If a takeover offer from Remus Horizons PCC Limited or any alterative offer emerges, the directors will update shareholders accordingly and may reconsider their recommendation.
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