FerrAus Limited (ASX:FRS) Takeover Offer Received From Wah Nam International (HKG:0159)
Perth, Nov 11, 2010 AEST (ABN Newswire) - FerrAus Limited (ASX:FRS) (PINK:FRRAF) advises that it has received an unsolicited, conditional proposal from a wholly owned subsidiary of Wah Nam International Holdings Limited (Wah Nam) (HKG:0159) to acquire all of the ordinary shares of FerrAus not currently held by Wah Nam, by way of an off market takeover offer (Offer). The terms of the Offer are six (6) Wah Nam shares for each FerrAus share, which implies a value of approximately A$1.30 per FerrAus share based on the last traded price for Wah Nam shares on the Hong Kong Stock Exchange of HK$1.69 (A$0.217) per share.
An announcement released by Wah Nam in relation to the Offer is attached to this announcement.
The Board is unanimous in its view that FerrAus shareholders should take no action, nor make any decision in relation to their shareholding until the Board has received and had an opportunity to consider, Wah Nam's Offer, which will be outlined in a Bidder's Statement. Following consideration of the Offer, the Board will determine and advise FerrAus shareholders of its recommendation.
Wah Nam's Offer will not open for acceptance until its Bidder's Statement is despatched to FerrAus shareholders and must remain open for a minimum period of one month. Wah Nam has indicated that it intends to lodge its Bidder's Statement with ASIC shortly. The Board will ensure shareholders have adequate time to make a decision in respect of the Offer.
Gryphon Partners is advising FerrAus in respect of the Offer. The Board will keep shareholders fully informed of any further developments and will provide further updates as appropriate.
About Ferraus Limited
FerrAus Limited has been delisted from the Australian Securities Exchange following its acquisition by Atlas Iron Limited. For all enquiries please visit the Atlas Iron website at www.AtlasIron.com.au
Wah Nam International Holdings Limited