On Tue, 3rd Dec 2019 @ 09:00 am the world changed2 Dec 2022 07:42
There’s then followed a barrage of company RNS releases the amount of which I’ve never witnessed in all my years of share trading.
Are we in a calendar sweet spot…
Somethings gotta give!
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The Board of Centamin plc ("Centamin" or the "Company") notes the announcement by Endeavour Mining Corporation ("Endeavour") regarding an unsolicited preliminary proposal for a potential all share combination of the Company and Endeavour based on an exchange ratio of 0.0846 Endeavour shares for each Centamin share, implying a 5% premium based on the preceding 30-day VWAP of each company to 22 November 2019 (the Proposal).
The Board of Centamin has reviewed the Proposal with its financial and legal advisers and believes, based on publicly available information on Endeavour, that the terms of the Proposal provide comparatively greater benefit to Endeavour's shareholders, do not adequately reflect the contribution that Centamin would make to the merged entity and that Centamin is better positioned to deliver shareholder returns than the combined entity. As a result the Board has unanimously rejected the Proposal. Centamin will be making a further announcement with its detailed response in the near future.
In the meantime, the Board strongly advises its shareholders to take no action in respect of the Proposal.
Centamin shareholders should note that the announcement made by Endeavour does not amount to a firm intention to make an offer under Rule 2.7 of the Code. There can be no certainty that an offer will be made or as to the terms on which any offer might be made.
As a consequence of Endeavour's announcement, an "Offer Period" has now commenced in respect of Centamin in accordance with the rules of the Code. The attention of Centamin's shareholders is drawn to the disclosure requirements of Rule 8 of the Code, which are summarised below.
In accordance with Rule 2.6(a) of the Code, by not later than 5:00 pm (UK time) on 31 December 2019, Endeavour must either announce a firm intention to make an offer for Centamin under Rule 2.7 of the Code or announce that it does not intend to make an offer for Centamin, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.
The person responsible for the release of this announcement on behalf of Centamin is Josef El-Raghy, Non-Executive Chairman.
https://www.lse.co.uk/rns/CEY/statement-re-possible-offer-by-endeavour-mining-lzwb93en56hicc9.html
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