SRS 0.00% 7.1¢ spicers limited

Jan 17 (Reuters) - Spicers Ltd (SRS) : ENTERS INTO A SCHEME...

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    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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