Brief: Pagero To Make Recommended Cash Offer To Acquire Tungsten

Pagero AB (publ)

09/05/2022 10:43

May 9 (Reuters) - Pagero Group AB (publ)  PAGERO.ST :
    * PAGERO GROUP AB (PUBL) ("PAGERO") TO MAKE A RECOMMENDED
CASH
OFFER TO ACQUIRE TUNGSTEN CORPORATION PLC ("TUNGSTEN")
    * SHAREHOLDERS OF TUNGSTEN WILL RECEIVE 48 PENCE IN CASH PER
SHARE, VALUING ENTIRE ISSUED AND TO BE ISSUED ORDINARY SHARE
CAPITAL AT £61.49 MILLION ON A FULLY DILUTED BASIS
    * ACQUISITION IS EXPECTED TO CREATE CERTAIN SYNERGIES AND
COST
SAVINGS, THEREBY CREATING POSSIBILITIES FOR ADDITIONAL
INVESTMENTS IN ENLARGED GROUP'S BUSINESS
    * TRANSACTION IS EXPECTED TO BECOME OR BE DECLARED
UNCONDITIONAL
IN SECOND HALF OF 2022
    * IT IS INTENDED THAT ACQUISITION WILL BE IMPLEMENTED BY WAY
OF A
CONTRACTUAL TAKEOVER OFFER UNDER U.K. COMPANIES ACT
    * HERALD INVESTMENT MANAGEMENT LIMITED, ODEY ASSET
MANAGEMENT LLP
AND SAMSON ROCK CAPITAL LLP, HAVE IRREVOCABLY UNDERTAKEN TO
ACCEPT OFFER IN RESPECT OF, IN AGGREGATE, 45,901,378 TUNGSTEN
SHARES REPRESENTING APPROXIMATELY 36.27 PER CENT OF TUNGSTEN'S
EXISTING ISSUED ORDINARY SHARE CAPITAL
    * OFFER IS BEING FINANCED THROUGH A COMBINATION OF EXISTING
CASH
RESOURCES OF PAGERO AND DEBT IN FORM OF SENIOR SECURED FLOATING
RATE NOTES ISSUED BY PAGERO

Source text for Eikon:  ID:nWkr9rqn7k 
Further company coverage:  PAGERO.ST 

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