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BRIEF-Egan Street Resources Confirms It Received Takeover Proposal From Adaman Resources

Published 01/11/2019, 07:53 pm
Updated 01/11/2019, 07:56 pm
© Reuters.  BRIEF-Egan Street Resources Confirms It Received Takeover Proposal From Adaman Resources
EGA
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Nov 1 (Reuters) - Egan Street Resources Ltd EGA.AX :

* CONFIRMS THAT ON 16 OCT IT RECEIVED PROPOSAL FROM ADAMAN RESOURCES, UNDER WHICH ADAMAN TO ACQUIRE CO FOR $0.40 PER SHARE IN CASH

* DIRECTORS OF CO CONTINUE TO UNANIMOUSLY RECOMMEND OFF MARKET TAKEOVER OFFER BY SILVER LAKE IN ABSENCE OF A SUPERIOR PROPOSAL

* PROPOSAL SUBJECT TO CONDITIONS, INCLUDING A $60MILLION FACILITY WITH REMAGEN CAPITAL MANAGEMENT PTY LTD TO FUND ACQUISITION

* EGANSTREET BOARD NOTES THAT NON-BINDING, INDICATIVE AND INCOMPLETE ADAMAN PROPOSAL IS CONDITIONAL

* CO NOTES INCREASED CONSIDERATION UNDER SILVER LAKE RESOURCES LTD OFF- MARKET TAKEOVER OFFER

* GIVEN INCREASED SILVER LAKE OFFER CONSIDERATION CO'S BOARD WILL ADVISE ADAMAN THAT IT WILL CEASE DISCUSSIONS WITH THEM

* NO CERTAINTY OR GUARANTEE THAT EGANSTREET WILL RECEIVE A BINDING OFFER FROM ADAMAN

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