We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Akbank 5.000% A | LSE:16OG | London | Bond |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 100.25 | 0 | 01:00:00 |
RNS Number:5450C Perstorp AB 24 April 2001 The issuer has made the following amendment to the 'Offer Update" announcement released today at 14:42 under RNS No 5071C. The second sentence in the sub-heading 'Recommendation of the Board of Directors of Perstorp' should be disregarded. All other details remain unchanged. The full corrected version is shown below. ------------------------------------------------------------------- Perstorp AB's Board recommends acceptance of offer from Industri Kapital In a press release issued on March 22, Industri Kapital announced a public offer through Sydsvenska Kemi AB ("Sydsvenska Kemi") to the shareholders and holders of convertible debentures of Perstorp AB ("Perstorp"). Sydsvenska Kemi is owned by Industri Kapital's private equity fund Industri Kapital 2000. Sydsvenska Kemi's proposed offer to holders of Series B and Series A shares consists of the following components: * SEK 71 per Series B share and SEK 82 per Series A share in cash; and, * A zero-coupon debenture due 2011 issued by Sydsvenska Kemi with a nominal value of SEK 51 per share, which, assuming a 12% required return, equates to a present value of SEK 16.50 per share. Shareholders in Perstorp who, at March 21, 2001, held 99 or fewer shares can receive a pure cash payment of SEK 87.50 per B-share and SEK 98.50 per A-share for all shares held. The Board of Directors has proposed a cash dividend of SEK 2.00 per share for fiscal year 2000, which will be deducted from the offer prices, if paid to other else than Sydsvenska Kemi AB. Sydsvenska Kemi's offer is conditional upon, among other things, the demerger of Pergo AB, whose shares Perstorp is proposing to distribute to its shareholders, assuming that the shareholders vote in favor of such distribution at the Annual General Meeting to be held on June 12, 2001. Accordingly, the Perstorp shareholders will, in addition to the aforementioned offer amounts, retain their participation in Pergo. Sydsvenska Kemi's proposed offer to holders of Perstorp's 1996/2001 convertible debentures with a nominal amount of SEK 88.90 ("convertible debentures") consists of SEK 23.10 in cash, in exchange for a waiver of conversion rights. The holders of convertible debentures waiving their conversion rights will receive, regardless of whether or not they accept Sydsvenska Kemi's offer, the nominal value of SEK 88.90 (plus accrued interest) from Perstorp on May 15, 2001. The consideration from Sydsvenska Kemi together with the nominal value amounts to SEK 112.00 in cash, but those holders accepting the offer and waiving their conversion rights will not receive a participation in Pergo. Holders of convertible debentures should note that the last day for conversion is April 30, 2001 and that the loan is due for repayment on May 15, 2001. Sydsvenska Kemi's offer is also subject to Sydsvenska Kemi receiving all necessary regulatory approvals no later then June 25, 2001 and the offer being accepted to such an extent that Sydsvenska Kemi becomes the owner of shares representing more than 90% of the total number of shares and more than 90% of the voting rights, for all shares (though Sydsvenska Kemi reserves the right to complete the offer at a lower level of acceptance). It should be noted that Sydsvenska Kemi's offer is not conditional on financing. AB Custos, Nordea mutual funds, SEB Fondforvaltning AB, Fourth AP-fund, SIF, Second AP-fund, First AP-fund, Third AP-fund, Sixth AP-fund, Alecta (formerly SPP), Vera Boning via companies, Bo Ursing, Wilhelm Wendt, Karl Lennart Wendt och Carl Henrik Wendt who hold shares together representing around 65% of the shares capital and around 75% of the voting rights in Perstorp have expressed their support and intend to accept The Offer. In order to create conditions for shareholders and holders of convertible debentures to make a more informed decision regarding Sydsvenska Kemi's offer, the Board of Directors of Perstorp has decided to issue the following recommendation. Recommendation of the Board of Directors of Perstorp The Board of Directors has evaluated the offer from Sydsvenska Kemi and has unanimously resolved to recommend that the shareholders and the holders of convertible debentures accept the offer on the stated terms and conditions and during the stated subscription period. The Board's recommendation is supported by a fairness opinion submitted by Perstorp's financial adviser, Morgan Stanley and a second opinion from the financial adviser Alfred Berg mainly based on material from Morgan Stanley. In connection with its evaluation of the offer, the Board has considered the following: - During recent years, Perstorp has streamlined its operations in order to focus on activities where it has a competitive advantage and can thus create shareholder value. The recently announced reorganisation of the Chemicals business and the proposed spin-off of Pergo, represent the logical continuation of this strategy and the Board of Directors believes that the separation of the consumer-oriented flooring business from the specialty chemicals- focused chemicals business will position both entities for growth in the future. - Despite the good prospects for Perstorp as a specialized chemicals company, the Board of Directors is of the opinion that the increase in value that Perstorp can create in the foreseeable future is unlikely to equal that being offered by Sydsvenska Kemi. Christer Gardell, Karl Lennart Wendt and Wilhelm Wendt, members of the Board of Directors, did not take part in the Board's decision regarding the offer due to their participation in the negotiations between Sydsvenska Kemi AB and major shareholders that preceded the offer. Perstorp's Chairman, Urban Jansson, makes the following comment on the offer: "Although Perstorp's continued evolution into a focused, highly specialized chemicals company has positioned the company well for the future, Sydsvenska Kemi's offer represents an opportunity to accelerate Perstorp's growth through the combination of Perstorp's operations with those of Oxo Holding AB and enable Perstorp and its employees to build a leading chemicals company based in the Nordic region." April 24,2001 Perstorp AB Board of Directors For further information: Urban Jansson, Chairman of the Perstorp Board, tel: +46 435 386 06
1 Year Akbank 5.000% A Chart |
1 Month Akbank 5.000% A Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions