Namoi Cotton Limited (ASX: NAM) has finalized a Scheme Implementation Agreement (SIA) with Louis Dreyfus Company Asia Pte. Ltd. (LDC), following thorough due diligence. This agreement entails LDC acquiring the remaining 83% of Namoi's issued shares through a scheme of arrangement. Shareholders will receive $0.51 per share, including a $0.01 dividend after April 1, 2024. This represents a 44% premium to the closing share price and a 37% premium to the three-month VWAP before the NBIO announcement on November 28, 2023. The Scheme's implementation is expected in mid-2024, with a focus on maintaining normal business operations until then.
Independent Namoi directors and major shareholder Samuel Terry Asset Management intend to recommend and vote in favor of the transaction, subject to certain conditions. The SIA outlines conditions precedent, regulatory approvals, and the indicative timetable for the Scheme's implementation. The target date for completion is mid-2024, contingent on meeting the specified conditions. Namoi Cotton's financial advisor is Blackpeak Capital, and KWM serves as its legal advisor.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
