Process Deed executed
Stanmore Coal has now executed a Process Deed with Winfield Energy to facilitate the conduct of due diligence and provide an opportunity for a proposal to be made which the Board may be willing to recommend to shareholders.
- Winfield Energy will be given access to information from the Company for a period of eight weeks from the date of the Deed, ending 7 October 2019. A period of exclusivity would commence when Winfield Energy’s financiers confirm their support for a Proposal.
- Termination of the Process Deed would be triggered upon execution of a bid implementation agreement, if one is negotiated, or notification from Winfield Energy that it does not wish to progress with the Proposal, or expiration of the exclusivity period (7 October 2019).
- The Company can consider any alternative superior proposal from other parties, at any time.
- Each party will bear their own costs.
- No break fees are payable.