Neon Energy Recommends Shareholders Vote Against Evoworld's Takeover Bid
Neon Energy Limited revealed Thursday that it has received a Bidder’s Statement from Evoworld Corporation Pty Ltd (Evoworld), dated Oct. 15, relating to Evoworld’s off-market proportional takeover offer for 30 percent of the Neon Energy shares that it and its associates do not own or control.
The Board of Neon Energy recommends that shareholders TAKE NO ACTION at this time, pending issuance of Neon Energy’s Target’s Statement.
Neon Energy is preparing a formal response, which will be released in its Target’s Statement in the near future. In the meantime the Board notes that the document received from Evoworld provides only limited and vague information regarding Evoworld’s intentions for Neon Energy. The Board recommends that shareholders take no action in respect of the Evoworld offer until they have had the opportunity to consider Neon Energy’s Target’s Statement.
Neon Energy’s Board has serious concerns regarding Evoworld’s intentions and the nature of its offer, as detailed within the explanatory memorandum sent with the Notice of Meetings issued Oct. 3. The Board strongly encourages shareholders to read the explanatory memorandum in full.
Based on its Bidder’s Statement, Evoworld proposes to make the first offer under its proportional bid Oct. 29, with the offer remaining open for acceptance until Dec. 1 (unless extended). For the purposes of the Proportional Bid Meeting, this would mean that Neon Energy shareholders entitled to vote at the meeting will be those persons who hold shares in the Company as at 7.00pm (Sydney time) Oct. 29.
The Board of Neon Energy recommends that shareholders VOTE AGAINST the resolutions to be considered at the upcoming general meetings.
Given the importance of the meetings to the Company’s future, the Board strongly encourages shareholders to vote at the meetings, in person or by proxy. Shareholders that intend to vote by proxy should do so in accordance with the instructions on the proxy forms by 2.00pm (WST) on Monday, Nov. 10. Both meetings will held on Wednesday, Nov. 12, with the Proportional Bid Meeting commencing at 2.00pm (WST).
If you have any queries please contact Neon Energy’s shareholder information line on 1300 889 528 (within Australia) or +61 2 8022 7938 (international), or Market Eye on +61 (0) 3 9591 8900.
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