Spookfish Ltd.’s stock skyrocketed on takeover news

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EagleView to Acquire Spookfish: Spookfish Ltd.’s (ASX: SFI) stock skyrocketed 47% to A$0.075 on July 27, 2018 (before market close) after the company announced about receiving a takeover proposal from Eagle View Technologies, which is the company’s largest shareholder. EagleView is also the leading provider of high-resolution aerial imagery through patented image capture techniques, 3D aerial measurement software and machine learning processes. Eagle View Technologies has agreed to acquire all shares not owned by them for a cash price of 8 cents per share. This is approximately 56.9% premium to the last close price of 25th July 2018 and will lead to the valuation of SFI’s fully diluted equity to approximately A$121.6 million. EagleView currently holds approximately 10.46% of the issued ordinary shares in SFI. Euroz Securities Limited is acting as financial adviser and Clayton Utz as legal adviser to SFI regarding the Proposal. Moreover, this proposal will be implemented by a scheme of arrangement and is subject to standard regulatory conditions. The regulations that need to be fulfilled include approval from the Australian Foreign Investment Review Board (“FIRB”), certain specified arrangements not being terminated or amended (or any rights under those arrangements being waived), and other customary conditions. Meanwhile, SFI stock has risen 10.87% in three months as on July 26, 2018.

SFI.pngAn indicative timetable for the Scheme (Source: Company Reports)

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