Far gets takeover offer from Aussie investment firm
Sydney-listed Far has received a takeover offer from Australian investment firm Samuel Terry Asset Management for A$0.45 cash per share, Samuel Terry said on January 31.
Samuel Terry currently owns 4.9% in Far through the holding of Samuel Terry Asset Management as trustee for Samuel Terry Absolute Return Fund. It is looking to increase its interest in the company to at least 50.1%.
The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business.
This offer price represents a 23.3% premium on Far’s last closing price of 36.5 cents and an 18.8% premium on a one-month volume-weighted average price. The offer is expected to open on February 14 and close on March 14.
Far in a separate statement said it will consider the offer and will advise shareholders of its recommendation in due course.
"The takeover bid recognises that Far’s shares are undervalued having regard to cash backing and the potential of Far receiving a US$55mn contingent payment from the sale of its interest in the RSSD project, as well as its existing oil and gas interests," Far said.
Far last year sold its entire participating interest in the Rufisque, Sangomar and Sangomar Deep (RSSD) joint venture off Senegal to fellow Australian energy company Woodside.