RE: Buy30 Aug 2019 09:11
The Company announces that yesterday afternoon it entered into irrevocable undertakings with Makar Navis d.o.o. ("MN") in connection with the offer by MN to acquire the entire issued share capital of AAM at US$0.03 per share and the entirety of the convertible loan notes issued by AAM, and to discharge all of the liabilities of AAM owed to the Company ("Debts").
During the period commencing on the date of the irrevocable undertakings and ending 4 months thereafter, the Company has, inter alia, irrevocably undertaken to accept the above offer and not deal with the shares in AAM held by the Company and the Debts.
If the above offer goes unconditional, the Company will receive an aggregate of c. US$5.2 million from MN and AAM (equivalent to approximately 10.4p per ordinary share, based on the current issued share capital of the Company and prevailing exchange rates). This aggregate consideration will comprise, c. US$3.3 million for the AAM shares and at least US$1.9 million for the Debt.