- Angel Seafood has obtained a proposal from Laguna Bay Group to purchase all its shares at AU$0.20 per share.
- The proposal is subject to various conditions.
ASX-listed Australia-based aquaculture company Angel Seafood Holdings Ltd (ASX:AS1) shared on 20 December 2021 that it has received an indicative, non-binding and conditional proposal from Laguna Bay Group Pty Ltd. The proposal concerns the purchase of all the shares in AS1 (which firms associated with Laguna Bay do not currently own) by way of a scheme of arrangement at an indicative all-cash consideration of AU$0.20 per share.
According to the today's announcement, the cash consideration of AU$0.20 per share represents:
- a 60% premium to Angel Seafood's closing share price on 17 December 2021 of AU$0.125 per share; and
- A 50% premium to the company's volume weighted average share price of AU$0.133 per share for the 30-day period preceding to December 17, 2021.
It is to be noted that Laguna Bay Group is an experienced agricultural fund manager.
The indicative proposal is conditional, including Laguna Bay carrying out due diligence, obtaining all required approvals or regulatory waivers, recommendation by the Board of Angel Seafood, final permission by Laguna Bay's investment committee, and the parties concluding the comprehensive structure and entering into a scheme implementation agreement.
Today, Angel Seafood stock closed 43.999% higher at AU$0.180 per share on ASX.
The company has signed an exclusivity deed along with a cost letter with Laguna Bay to offer it an opportunity to conduct due diligence and obtain regulatory and investor approval. The company believes that it is in the best interests of Angel Seafood's shareholders to engage further with Laguna Bay on the indicative proposal.