AIC Resources Limited Releases Target’s Statement

AIC Resources Limited (ASX: A1C) operates as an early-stage gold exploration and development company. The Company explores and produces gold. AIC Resources serves clients in Australia.

The company, today on 15 March 2019, has come up with a Target’s Statement which contains a recommendation as to how to respond to the Offer, the reasons for that recommendation, and certain other disclosures required by the Corporations Act. The management has advised the stakeholder’s to read this Target’s Statement in its entirety before deciding whether or not to accept the Offer. The date of the Offer is considered to be 15 March 2019 & the Offer Period ends (unless extended) 7.00pm (Sydney time) on 30 April 2019.

This is noteworthy here to state that, in September last year AIC and Intrepid agreed to merge the two companies by way of a takeover offer by floated by Intrepid to acquire all of the shares in AIC. Intrepid launched the takeover offer in early October 2018, and many of the shareholders had accepted that takeover offer, as most AIC shareholders did.

However, that offer didn’t turn up to be successful enough in acquiring more than 90% of the shares in AIC (which was a defeating condition to that offer), and as a result, the proposal had lapsed.

The Board of the company still has conviction in this combination & see merit in combining the company and Intrepid and thus had maintained the needed engagement with Intrepid. The Board has therefore been able to renegotiate the merger terms and have entered into a new agreement with Intrepid to combine both of the companies.

Under the new Offer, AIC Shareholders are being offered 1 Intrepid Share for every 2 AIC Shares they hold. This compares to 1 Intrepid Share for every 3 AIC Shares under the previous offer.

The Offer is subject to only three specific defeating Conditions, which are:

  • the receipt of acceptances under the Offer in respect of at least 90% of the AIC Shares at or before the end of the Offer Period;
  • the approval by Intrepid Shareholders of the issue of the Intrepid Shares under the Offer for the purposes of ASX Listing Rule 7.1 before the end of the Offer Period; and
  • the approval by Intrepid Shareholders of the acquisition of all AIC Shares held by Brahman and the subsequent issue of one Intrepid Share for every two AIC Shares held by Brahman, to Brahman under, and on the terms of, the Offer, for the purposes of ASX Listing Rule 10.1 before the end of the Offer Period.

On the price-performance front, the stock has posted the YTD return of 45.83%. The company also has posted returns of -5.41%, & 34.62% over the past six, & three months, respectively. At the time of writing (15 March 2019, AEST 02:18 PM), it was seen that the stock of the company traded at a price of $0.175, with a market capitalization of ~$ 13.13 Mn. It had a 52-week high price of $ 0.220, with an average volume of, 55,760 approximately.


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