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GEOPACIFIC RESOURCES LTD — M&A Activity 2017
Jul 27, 2017
65008_rns_2017-07-27_e96c70d5-c975-4f2e-9403-42f3032dcb8e.pdf
M&A Activity
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ASX Code: KGD 28 July 2017
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ASX Announcement & Media Release
Second Supplementary Bidder’s Statement
The Board of Kula Gold Limited (ASX:KGD, Kula ) advises that on 27 July 2017 Geopacific Resources Limited ( GPR ) lodged their Second Supplementary Bidder’s Statement ( SSBS ) increasing the offer.
The significant changes to the takeover offer are:
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The offer is 1 GPR share for 1.1 Kula shares
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The offer is unconditional
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The offer closing date has been extended by four weeks to 1 September 2017
The Increased Offer is at a discount to the value weighted average price (VWAP) of Kula shares on the ASX, as shown below:
| Company | Cents per share | ||
|---|---|---|---|
| 5 day VWAP | 10 day VWAP | 30 day VWAP | |
| Kula shares | 2.98 | 2.90 | 2.95 |
| Implied value of 1.1 Kula shares | 3.28 | 3.19 | 3.24 |
| GPR shares | 2.91 | 2.88 | 2.95 |
| Discount on VWAP of offer of 1 GPRshare for 1.1 Kula shares(cents) | 0.37 | 0.31 | 0.29 |
| Percentage discount on VWAP of offerof 1 GPR share for 1.1 Kula shares | 11.1% | 9.7% | 9.1% |
Kula is reviewing the SSBS in conjunction with its advisers and will lodge the Supplementary Target’s Statement in due course but in the meantime, advise Kula shareholders to TAKE NO ACTION .
For further information please visit our website at www.kulagold.com.au or contact:
Mr. Garry Perotti Chief Financial Officer +61 8 6144 0588
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