On 3 February 2020, the TerraCom Limited (TerraCom)(ASX:TER) announced an offer by wholly owned subsidiary, TCIG Resources Pte Ltd (TerraCom Bidco) to acquire the entire issued and to be issued share capital of Universal not already directly or indirectly owned by it (the Offer).
The Offer closed on 25 March 2020 and TerraCom achieved just over 90% of the voting rights attached to Universal shares. At this level of acceptance, TerraCom announced that it would proceed to a mandatory sell-out process in accordance with the UK Companies Act 2006 (the Act) and that Universal Shareholders who had not accepted the Offer were entitled to require TerraCom Bidco to acquire their UNV Shares (including CDI’s on the same terms as the Offer – being Cash of $0.10 and 0.6026 New TerraCom Shares per Universal Share (including UNV CDI’s) held.
On 23 April 2020, TerraCom announced that it had reached over 92% of the voting rights attached to UNV shares and that at this level of acceptance, TerraCom is entitled to proceed to compulsory acquisition in accordance with Chapter 3 of Part 28 of the Act.
TerraCom has confirmed that the compulsory acquisition process will commence when squeeze out notices are dispatched to all remaining UNV security holders who have not yet accepted the Offer or exercised their sell-out right. TerraCom has also notified UNV security holders that the ASX will suspend quotation of UNV’s securities five business days after dispatch of the notices.
|Shares on Issue||522,471,758|