Sydney funds manager Centuria Group lifted its buy-up of Augusta Capital shares to a full takeover offer yesterday.
At that point it held or controlled 65.864% of Augusta.
Centuria gave notice that it had declared its offer unconditional in all respects.
A week ago, Centuria held 23.3% of Augusta, but controlled over 60% through lockup agreements.
Centuria’s original takeover bid was at $2/share, before the Covid-19 pandemic intervened with ‘life as usual’.
Its replacement offer was NZ20c cash plus 0.392 of a Centuria stapled security – equating initially to an implied $1/share. Last week Centuria lifted the cash component to NZ22c.
Augusta’s capital-raising was made at 55c/share.
At close of trading on Wednesday, the implied offer price was NZ94c for each Augusta share.
Augusta has commissioned an independent advisor’s report on the merits of the offer from Calibre Partners Ltd (formerly KordaMentha Ltd), which will be included in the target company statement setting out the recommendation of Augusta’s independent directors. That will be released next Monday, 13 July.
3 July 2020: Centuria at 64.8% of Augusta
Attribution: Company release.