Toasted & Buttered21 Oct 2013 07:57
New Britain Palm Oil Limited
("NBPOL", the "Group" or the "Company")
PARTIAL TAKEOVER OFFER - UPDATE
New Britain Palm Oil Limited (LSE: NBPO), one of the world's largest fully integrated producers of sustainable palm oil, provides the following update with respect to the unsolicited conditional partial cash offer by Kulim (Malaysia) Berhad ("Kulim") for up to 30,009,621 shares in the Company at a price of GBP 5.50 or PGK 19.36 per share (the "Offer").
The Company notes Kulim's announcement on 5 September 2013 to the Bursa Malaysia regarding Kulim's application to revoke the Orders issued by the Securities Commission of PNG as set out in the announcement dated 20 August 2013. An extract of the announcement is set out below:
"On behalf of the Board of Directors of Kulim, RHB Investment Bank Berhad wishes to announce that the National Court of PNG has, on 4 September 2013 at approximately 7.00 pm Malaysia Time, dismissed Kulim's application to uplift the Orders. As such, Kulim was unable to declare the Partial Offer unconditional and the Partial Offer has since lapsed.
All acceptances received pursuant to the Partial Offer are automatically void as outlined under Section 11.4 of the offer document dated 23 July 2013 and will be returned to the respective shareholders of NBPOL."