FAR Limited has received an off-market takeover offer from Samuel Terry Asset Management, a boutique investment management company based in Sydney, for A$0.45 cash per share. The Bidder currently has a relevant interest of approx. 4.9% in FAR through the holding of Samuel Terry Asset Management 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).
FAR issued the following response to the takeover offer.
FAR Limited refers to the announcement made earlier today by Samuel Terry Asset Management as trustee for Samuel Terry Absolute Return Active Fund to acquire FAR’s shares at 45c cash per share.
The proposed offer is not yet open and will not close until mid-March at the earliest and accordingly there is no need for shareholders to take any action at this time.
FAR will consider the offer and will advise shareholders of its recommendation in due course.
The takeover bid recognizes that FAR’s shares are undervalued having regard to cash backing and the potential of FAR receiving a US$55m contingent payment from the sale of its interest in the RSSD project, as well as its existing oil and gas interests.
The offer is conditional, including on obtaining a minimum of 50.1% acceptance level.
Accordingly, there is no certainty that the intended takeover bid will complete.
FAR has appointed Baker McKenzie as legal advisors in relation to the bid.
Source: FAR
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