News and Announcements
Hannans Reward Announces Proposal to Acquire Scandinavian Resources
- Published February 29, 2012 2:14PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Hannans Reward Ltd (Hannans Reward) (ASX:HNR) has today announced (Announcement Date) a proposal to acquire all of the outstanding fully paid ordinary shares in Scandinavian Resources Ltd (Scandinavian Resources) (ASX:SCR) by way of an off-market takeover bid (Offer). Hannans Reward currently owns 19.6 million shares in Scandinavian Resources, representing 17.14% of the company.
Under the Offer, accepting Scandinavian Resources shareholders will receive 3 Hannans Reward shares for every 1 Scandinavian Resources share held, implying a value of A$0.281 per Scandinavian Resources share, based on the closing price of Hannans Reward shares on 27 February 2012, the last trading day prior to the Announcement Date.
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