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New Britain Palm Oil Ltd Updates On Kulim (Malaysia) Berhad Intention To Make Partial Takeover Offer


Thursday, 20 Jun 2013 02:01am EDT 

New Britain Palm Oil Ltd announced that with reference to the announcement earlier by Kulim (Malaysia) Berhad (Kulim), the Company's largest shareholder. In a statement to the Bursa Malaysia, Kulim announced its intention to make a conditional partial cash offer for up to 30,009,621 shares in NBPOL (Partial Offer), representing 20.0% of the total ordinary shares outstanding in NBPOL. The Partial Offer will be made at GBP5.50 per share (equivalent of PGK19.36 per share based on current exchange rates for NBPOL's shares on the Port Moresby Stock Exchange). The Partial Offer values the entire existing issued ordinary share capital of NBPOL at approximately GBP825 million. The full terms of the proposed offer will be set out in a further announcement made in accordance with the Takeovers Code 1998 of Papua New Guinea. The Company has not received formal notification of the proposed Partial Offer at the time of this announcement and the Board of NBPOL will make further announcements on the Partial Offer following the release of formal offer documentation by Kulim.