Meridian Capital rejects Samuel Terry takeover of Far
Sydney-listed Far on February 4 said Meridian Capital International Fund, which owns 19.28% of the company, has rejected the takeover bid offer made by Samuel Terry Asset Management on January 31.
Australian investment firm Samuel Terry currently owns 4.9% in Far through the holding of Samuel Terry Asset Management as trustee for Samuel Terry Absolute Return Fund. It is looking to increase its interest in the company to at least 50.1%.
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Meridian has stated it remains committed to its investment in Far and suggests that the Far directors convene a shareholders meeting to consider a pro-rata distribution of rights to the contingent payment resulting from the sale of the Rufisque, Sangomar and Sangomar Deep (RSSD) asset in Senegal to Woodside, of up to $55mn, which Far may potentially receive.
Far said it is investigating whether it can do so in an appropriate way and will provide an update to shareholders in due course once this investigation is complete.