Brief: Spicers Enters Into A Scheme Implementation Deed With Kokusai Pulp & Paper Co

KPP group Co

17/01/2019 08:27

Jan 17 (Reuters) - Spicers Ltd  SRS.AX :
    * ENTERS INTO A SCHEME IMPLEMENTATION DEED WITH KOKUSAI PULP
&
PAPER CO., LTD
    * IN CONJUNCTION WITH SCHEME, SPICERS WILL PROPOSE A RETURN
OF
CAPITAL TO SHAREHOLDERS
    * PROPOSED DEAL DELIVERS SIGNIFICANT VALUE TO SPICERS
SHAREHOLDERS, WHO WILL RECEIVE ESTIMATED A$147.6 MILLION, OR 7.0
CPS, ON FULLY DILUTED BASIS
    * SPICERS DIRECTORS UNANIMOUSLY RECOMMEND SHAREHOLDERS VOTE
IN
FAVOUR OF PROPOSED TRANSACTION
    * UNDER TERMS OF SCHEME, SHAREHOLDERS WILL BE ENTITLED TO
RECEIVE
AN ESTIMATED 7.0 CENTS PER SHARE IN CASH
    * CONSIDERATION OF A$90 MILLION FROM KPP FOR PURCHASE OF
SPICERS
    * ESTIMATED CAPITAL RETURNS TO SHAREHOLDERS OF APPROXIMATELY
A$57.6 MILLION
    * CAPITAL RETURNS WILL REPLACE PROPOSED CAPITAL RETURN OF
A$15.0
MILLION APPROVED BY SHAREHOLDERS AT ANNUAL GENERAL MEETING ON 15
NOVEMBER

Source text (https://reut.rs/2TWzF6b)
Further company coverage:  SRS.AX 

 ((Reuters.Briefs@thomsonreuters.com;))