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Peet Limited Announces $76 Million Cash Takeover Offer For CIC Australia Ltd And Equity Raising


Tuesday, 9 Apr 2013 07:43pm EDT 

Peet Limited announced a $76 million all cash takeover offer for ASX listed residential property developer, CIC Australia Ltd. The offer price is on an ex-dividend basis, meaning that CIC shareholders who accept the Offer will be entitled to retain the fully franked dividend of $0.03 per share to be paid in May 2013. Peet has separately announced that the Offer will be subject to a limited number of conditions, including a minimum acceptance condition of 50.1%. Peet is undertaking a $124 million equity raising via placements to fund the acquisition of CIC, support the repayment of the CIC multi-option facility, if appropriate, and to provide additional working capital. Share Purchase Plan for eligible Peet shareholders, capped at $8 million, which potentially increases the equity raising up to $132 million. Peet has secured a 19.9% stake in CIC, either through the bid, or, otherwise, through direct acquisition, from CIC’s major shareholder, Guinness Peat Group for $0.60 per CIC share. The Offer is subject to Peet acquiring at least 50.1% of CIC’s shares, CIC’s and CIC’s JVs’ banks’ consents and a CIC JV concludes a facility with CBA, no termination of the Placement Agreement by the underwriter and a number of other standard bid conditions, which are set out in the attached Bid Implementation Agreement. Peet has appointed Merrill Lynch as financial advisor and King & Wood Mallesons as legal advisor. 

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27 Feb 2015