Jan 17 (Reuters) - Spicers Ltd (SRS) :
- 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 (http//reut.rs/2TWzF6b)
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