Proposed acquisition of Pilat by SintecMedia, SMS
January 16, 2014
The Boards of SintecMedia, SMS and Pilat have unveiled the terms of a recommended proposal under which SintecMedia and its wholly owned subsidiary SMS will acquire for cash the entire issued and to be issued share capital of Pilat not already owned by SintecMedia.
The structure of the Acquisition is that SintecMedia will acquire 5 per cent. of the issued and to be issued share capital of Pilat and SMS will acquire the remaining issued and to be issued share capital of Pilat not already owned (or to be acquired pursuant to the Scheme) by SintecMedia.
The Pilat Directors, who have been so advised by Shore Capital, consider the terms of the Scheme to be fair and reasonable and will unanimously recommend all Pilat Shareholders to vote in favour of the resolutions to be proposed at the Court Meeting and the General Meeting in relation to the Scheme. In providing advice to the Pilat Directors, Shore Capital has taken into account the Pilat Directors’ commercial assessments.