The directors intend to support the proposal but continue to advise shareholders to reject the Ichor offer by taking no action.

Universal’s independent directors and its advisers are working to assist in the facilitation of the making of a formal offer by late November.

“There can be no certainty that a formal offer will be made by the offeror, or as to the terms of any resulting offer, should one be made,” the company said.

“Shareholders are advised to take no action in respect of the proposal at the current time. The independent directors will provide an update in due course, as appropriate.”

On 22 September 2015, the independent directors announced that they had received a separate confidential, non-binding, indicative proposal in connection with a cash offer at $0.20 per share.

“The independent directors have written to this party to advise that they are unlikely to be able to recommend a formal offer should it be made on the terms proposed at that time,” the company said.

“The efforts of the independent directors will now be focussed on the $0.25 per share proposal.”