Huadong and Sinclair today confirm that these pre-conditions have now been satisfied in relation to 32p/shr offer of certain pre-conditions, including in relation to the financing of the Possible Offer.
Huadong and Sinclair today confirm that these pre-conditions have now been satisfied and, accordingly, the Sinclair Independent Directors and Huadong are pleased to announce that they have reached agreement on the terms of a recommended cash offer by Huadong to acquire the entire issued and to be issued share capital of Sinclair. The Offer is intended to be implemented by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act (the "Scheme"). Huadong reserves the right to elect to implement the Offer by way of a Contractual Offer, subject to the terms of the Offer Agreement and the Panel's consent, if required.Under the terms of the Offer, each Sinclair Shareholder will be entitled to receive:32 pence in cash for each Sinclair Share