Highlights
– Endocoal has entered into a Scheme Implementation Agreement with U&D Mining Industry (Australia) Pty Ltd for the acquisition of 100% of the issued shares in Endocoal.
– Shareholders to receive A$0.38 all cash consideration per share on successful completion.
– Cash consideration represents a 70.6% premium to 1 month VWAP.
– Crystallises value for all Shareholders in a challenging market.
– U&D has also provided a A$4,000,000 loan to Endocoal, relieving the need for Endocoal to raise additional new equity prior to scheme implementation.
– Endocoal’s Board of Directors unanimously recommends that all Endocoal shareholders vote in favour of the scheme in the absence of a superior proposal and subject to the Independent Expert concluding the scheme is in the best interests of shareholders.