LONDON--KL-Kepong International Ltd., or KLKI, a wholly owned
subsidiary of Kuala Lumpur Kepong Berhad (2445.KU) said Friday it
has launched a mandatory offer for the remaining shares of
Equatorial Palm Oil PLC (PAL.LN) at 5 pence a share, after
subscribing for 153.82 million shares at the same price taking its
shareholding to 54.8%.
MAIN FACTS:
-The offer price represents a premium of 2.6% to the closing
price of 4.875 pence per Equatorial Palm Oil, or EPO, share on Oct.
15, and values the whole of EPO at 17.7 million pounds.
-EPO Directors believe the offer from KLKI, which is a mandatory
requirement under the City Code, does not reflect the potential
value of Equatorial Palm Oil and its interests and, save for Mr.
Jaoudi, do not intend to accept the offer.
-EPO Directors do, however, believe the offer is worthy of
consideration by all shareholders, as it provides an opportunity to
realize their investments in Equatorial Palm Oil for a certain cash
amount in the near term.
-As at Nov. 29 Mr. Jaoudi hasn't given a firm indication as to
whether or not he will accept the offer in respect of the 6.59
million EPO shares he is interested.
-Write to Ian Walker at ian.walker@wsj.com
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