In today’s briefing:
- Golden Energy (GER SP): Revised Offer Is Still Not Good Enough
- Golden Energy: Offer Bumped. Still Insulting
Golden Energy (GER SP): Revised Offer Is Still Not Good Enough
- Golden Energy & Resources (GER SP)‘s revised proposal from the Widjaja family – distribution proposal (1.3936 GEMS share per share or IDR6,500 per GEMS share) and the delisting proposal (S$0.181).
- The revised offer addresses the issue around the previous offer’s unattractive distribution cash alternative and unfavourable FX. However, the revised offer remains light but is not declared final.
- The revised offer fails to address the issue concerning the decline in Golden Energy Mines (GEMS IJ) share price and the value of Stanmore Coal (SMR AU) stake.
Golden Energy: Offer Bumped. Still Insulting
- The Widjaja family has responded to criticism from various quarters over its low-balled Offer for Golden Energy & Resources (GER SP) and revised terms.
- The all-cash payout for the 62.5% stake in Golden Energy Mines (GEMS IJ) is now 15.5% higher at S$0.792/share. The exit offer is 13% higher at S$0.18.1.
- No matter how you slice it, the bump is petty. GEAR’s “rump” is currently worth at least S$0.63/share.
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