All cash takeover offer of A$0.0575 per share from Primary’s largest shareholder Hanking Australia.
Offer values Primary’s share capital, including shares attributable to in the money options, at approximately A$37.5 million.
The Offer price provides Primary shareholders a significant premium for their shares, with the Offer representing a:
3% premium to Primary’s last traded share price of A$0.039 on 16 February 2018, the last trading day prior to the date of this announcement; and
4% premium to the 30 trading day VWAP of A$0.042 per share up to 16 February 2018, the last trading day before the date of this announcement.
The Offer provides Primary shareholders all-cash certainty, with the Offer subject to minimum acceptances greater than 50%, FIRB approval, market linked and other customary conditions. The Offer is not subject to any Chinese regulatory approval or any financing conditions.
The Independent Directors of Primary unanimously recommend that Primary shareholders ACCEPT the Offer, in the absence of a superior proposal and subject to the independent expert not concluding that the Offer is not fair and not reasonable.
Hanking Australia has agreed to make available interim funding to Primary for up to A$1.5 million.