White lodges bidder's statement for SAC

WHITE Energy has lodged a bidder’s statement for its proposed $A53.5 million friendly off market takeover of South Australian Coal after an independent expert’s report deemed the offer fair and reasonable.
White lodges bidder's statement for SAC White lodges bidder's statement for SAC White lodges bidder's statement for SAC White lodges bidder's statement for SAC White lodges bidder's statement for SAC

Courtesy White Energy.

Lou Caruana

The takeover, which will reunite the former Felix Resources board and management after Felix was sold to Yanzhou group last year, is conditional on White Energy obtaining 90% of SAC shares. It has been unanimously supported by SAC’s independent directors.

Under the deal, White will issue 15.7 million of its ordinary shares to SAC shareholders.

White Energy chairman John McGuigan said the offer was a compelling one for both SAC and White shareholders.

“For SAC shareholders we are offering a very attractive premium and the ability to participate in the growth of a new mid-tier coal company,” he said.

“For our own shareholders, the transaction is a company-changing event, as we will have ownership of our own coal resource for the first time, the expertise of the exâ€ÂFelix Resources management and board, and cash reserves of approximately $250 million to build an Australian coal company.”

White Energy shares were 2c lower at $3.41 yesterday.

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