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Monday, February 7, 2022
Australian independent FAR Limited has received a letter from Meridian Capital International Fund which is a 19.28% shareholder in FAR rejecting the takeover bid offer made by Samuel Terry Asset Management.
Meridian has also stated it remains committed to its investment in FAR subject to the legal conditions set out in the attached letter and suggests that the FAR directors convene a shareholders meeting to consider a pro-rata distribution of rights to the contingent payment resulting from the sale of the FAR RSSD asset to Woodside, of up to US$55M, which FAR may potentially receive. Details about the contingent payments are contained in the FAR Limited quarterly released on 19 January 2022. FAR is investigating whether it can do so in an appropriate way and will provide an update to shareholders in due course once this investigation is complete.
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