Petroleum Africa
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Monday, January 31, 2022
Australian independent FAR Ltd has announced that it has received an off-market takeover offer. The Bidder currently has a relevant interest of approximately 4.9% in FAR through the holding of Samuel Terry Asset Management Pty Ltd as trustee for Samuel Terry Absolute Return Fund. In making the Offer, Bidder is seeking to increase its interest in FAR to at least 50.1% (on a fully diluted basis).
Summary of the Offer
The Offer Price of $0.45 per share is based on the closing price of FAR shares on ASX at the close of trading on 28 January 2022 (being the last trading day prior to the announcement of the Offer). The Offer Price represents a premium of:
The Offer provides investors with an opportunity to divest as much of their shareholding in FAR as deemed appropriate, in an orderly manner and without the need to pay brokerage fees, and with the opportunity to receive certain value.
Far believes the offer is undervalued and will be releasing its recommendation to shareholders in due course.
The full announcement can be viewed here while FAR’s response is available at this link.
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