FAR receives takeover offer, threatens Senegal sale
FAR has received a non-binding proposal for its potential acquisition by Remus Horizons PCC that may derail its Senegal sale. Remus is considering an offer of A$0.021 per share for 100% of FAR, a total of A$209 million ($159mn). FAR’s current share price is A$0.011.
The proposal is not a legally binding offer, FAR said. There is no certainty that it will occur. The company also warned that the terms of the proposal were uncertain. Remus has said the price would be a premium to the amount that FAR would receive from the sale of its stake in the Senegal project to Woodside Energy.
The potential investor has set out a number of conditions. This would involve the rescheduling of the FAR shareholder meeting on the sale of the Rufisque, Sangomar and Sangomar Deep (RSSD) project. FAR would also have to provide access to management and information on the RSSD project and no superior proposal emerging.
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