Terms agreed for acquisition of Manchester-based cash shell
The CBG Board and the Independent Director has announced that they have agreed the terms of a recommended offer to be made by Zeus Capital on behalf of CBG for the entire issued and to be issued share capital of PenMc.
Manchester broker CBG has offered one new share for every 1,000 PenMc Shares.
Based on the mid-market price of 189.5 pence per share of a CBG Share on 10 December 2007, being the latest practicable date prior to the date of the Offer Document, the Share Offer values the entire existing share capital of PenMc at approximately £185,989.
There is a Cash Alternative of 0.16 pence for every PenMc Share. The Cash Alternative values the existing share capital of PenMc at approximately £157,036.
