Brief: ARN Media Updates On Non-Binding Indicative Proposal To Acquire Southern Cross Media

ARN Media

15/03/2024 02:07

March 15 (Reuters) - ARN Media Ltd  A1N.AX :
    * REVISED INDICATIVE PROPOSAL WOULD IMPLY UP TO AN
ADDITIONAL 10
AU CENTS OF VALUE PER FULLY DILUTED SCA SHARE
    * UPDATE ON NON-BINDING INDICATIVE PROPOSAL TO ACQUIRE SCA
    * CONSORTIUM NOTES SCA'S ANNOUNCEMENT ON 7 MAR
    * INDICATIVE PROPOSAL WAS DESCRIBED AS NOT BEING IN BEST
INTERESTS
OF SCA SHAREHOLDERS
    * CONSORTIUM DISAGREES WITH ASSESSMENT
    * CONSORTIUM RECONFIRMED INDICATIVE PROPOSAL MULTIPLE TIMES
SINCE
18 OCT
    * CONSORTIUM REMAINS OPEN TO ENGAGING WITH SCA IN A
CONSTRUCTIVE 
MANNER
    * NO BINDING AGREEMENT TO IMPLEMENT REVISED INDICATIVE
PROPOSAL
HAS BEEN REACHED WITH SCA AT THIS TIME
    * NO CERTAINTY THAT A TRANSACTION WILL EVENTUATE
    * CONSORTIUM WILLING TO ADJUST ARN EXCHANGE RATIO TO UP TO
0.870
ARN SHARES PER FULLY DILUTED SCA SHARE
    * CONSORTIUM CONSIDERS THAT A BINDING TRANSACTION CAN BE
ENTERED
INTO QUICKLY TO PROVIDE CERTAINTY TO BOTH ARN AND SCA
SHAREHOLDERS
    * ARN'S CURRENT INTENTION TO VOTE ABOUT 8% OF 14.8% OF
ISSUED
SHARE CAPITAL IN SCA THAT IT HOLDS IN FAVOUR OF PROPOSED
RESOLUTIONS


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