Clime makes an offer to acquire CBG

takeover-bid/acquisition/clime-capital/

18 June 2019
| By Oksana Patron |
image
image
expand image

Clime Capital Limited has announced that CBG Capital Limited’s independent directors have advised their intention to recommend to CBG shareholders to accept the former’s acquisition offer, in the absence of a superior proposal.

Clime made an offer to acquire all the remaining shares in CBG under an off-market turnover bid, with 0.84441 fully paid ordinary shares in CAM and 0.2740 listed convertible notes issued by CAM for each CBG share held. The offer would imply value of $1.0336 per CBG share, the firm said in a statement issued to the Australian Securities Exchange (ASX).

Additionally, the offer was expected to provide significant benefits to CBG’s shareholders by giving them exposure to higher yielding securities, a reduced pro-forma management expense ration arising from economies of scale, and an increase in liquidity of shares arising from the larger capital and shareholder base, among others.

Also, the transaction would result in a materially larger investment company with a portfolio value of $137.2 million.

The company advised that each of the CBG directors confirmed they intended to accept the offer for all of the shares in which they had a relevant interest, subject to the same conditions.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS