Business
Offer Update
Offer Update.
About this update from Pensana Plc
[{"type":"text","content":"\n RNS Number : 7172H Pan Andean Resources PLC 26 February 2010 \n \n\n \nNot for release, publication or distribution, in whole or in part, in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction\n \n26 February 2010\n \nRECOMMENDED PROPOSALS RELATING TO THE ACQUISITION OF\n \n PAN ANDEAN RESOURCES PLC\n (INCLUDING THE DEMERGER OF THE NORTH AMERICAN AND BOLIVIAN INTERESTS OF\nTHE PAN ANDEAN GROUP)\n \nBY\n \nPETROMINERALES LTD.\n \n(to be effected by means of a Scheme of Arrangement)\n \n \nThe boards of Pan Andean and Petrominerales announce they have agreed the terms of recommended Proposals under which Pan Andean will demerge its North American and Bolivian assets and liabilities and Petrominerales will offer to acquire the entire issued and to be issued share capital of Pan Andean.\n \nSummary and highlights\n \n\n\n\n\n·\n\n\nThe terms of the final offer are unchanged from the indicative offer announced on 9 December 2009.\n\n\n\n\n·\n\n\nUnder the Proposals, Pan Andean Shareholders will receive £0.15 in cash and one (1) Hydrocarbon Share for every one (1) Pan Andean share held. Hydrocarbon is a newly formed company into which Pan Andean will transfer its North American and Bolivian assets and liabilities.\n\n\n\n\n·\n\n\nThe Proposals value Pan Andean's current issued and to be issued share capital at approximately £22,345,703, equivalent to £0.175 per Scheme Share, comprising of:\n\n\n\n\n\n\n\n·\n\n\n£0.15 in cash per Pan Andean Share; and\n\n\n\n\n\n\n\n·\n\n\n£0.025 deemed valuation per Hydrocarbon Share, based on the Pan Andean Directors valuation of the North American and Bolivian assets and liabilities. \n\n\n\n\n·\n\n\nThis implied valuation of £0.175 per Scheme Share represents:\n\n\n\n\n\n\n\n·\n\n\na premium of approximately 14.8 per cent. to the Closing Price of 15.25 pence per Pan Andean Share at 24 February 2010, being the last practicable date prior to the publication of the Scheme Document: and\n\n\n\n\n\n\n\n·\n\n\na premium of approximately 40.0 per cent. to the Closing Price of 12.5 pence per Pan Andean Share on 8 December 2009, being the last Business Day before the announcement by Pan Andean of the proposed offer by Petrominer...