Release of Target's Statement
Stanmore Directors unanimously recommend shareholders REJECT THE OFFER. Offer Price is materially inadequate and does not provide an appropriate control premium. The Independent Expert, BDO Corporate Finance (QLD) Ltd, estimates the controlling interest value for Stanmore shares is between $1.48 and $1.90. The Independent Expert concludes the Offer is not fair and not reasonable to Stanmore shareholders.
Stanmore Chairman, Stewart Butel, said, “The Offer is clearly inadequate against a range of comparisons and does not account for the positive outlook for Stanmore and the Company’s pursuit of strategies and initiatives to maximise shareholder value”.