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Jacka Resources Ltd announces recommended takeover offer by Tangiers Petroleum Ltd


Wednesday, 4 Dec 2013 05:28pm EST 

Jacka Resources Ltd:Says Tangiers Petroleum to acquire Jacka Resources via an off-market takeover bid.Says offer ratio equal to 0.468 Tangiers shares for every Jacka share held.Says Tangiers offer values Jacka shares at A$0.112 based on Tangiers last closing price of A$0.24 per share on Nov. 29.Says Jacka board unanimously recommends shareholders accept the Tangiers offer in the absence of a superior proposal.Says based on the closing share price of Tangiers on ASX on Nov. 29, the offer values Jacka at about A$37 mln on an undiluted basis.Says upon completion of the transaction, existing Tangiers shareholders and Jacka shareholders will own about 53 pct and 47 pct, respectively, of the issued ordinary shares of the combined entity (on an undiluted basis).Says Eve Howell to remain as chairman of Tangiers, with Bob Cassie to become managing director of Tangiers upon completion. 

Company Quote

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5 Jan 2015