Currently the holder of a 29.99% stake, Ichor indicated to the market in August its intention to purchase the remaining stake in Universal Coal at $A0.16 a share.
It values Universal’s entire issued ordinary share capital at $A80.9 million.
Shareholders have been encouraged by Ichor to accept the offer, describing the offer price as “an attractive proposition that represents a significant premium of 46.5% over the 60-day volume weighted average price on the ASX of $A0.109 per share on August 20 and a premium of 45.5% to the closing price of $A0.11 per share on that day”
The offer is fully funded through a capital increase underwritten by Sapinda Invest and Ichor’s major shareholder Sapinda Holding. It also allows shareholders to receive cash for their shares.
The closing date for this offer is December 3.
