UIL urge shareholders accept Strike takeover offer

LAST month’s off-market tilt by Strike Energy has the full support of UIL Energy’s board, which today recommended shareholders accept the offer in the absence of a superior proposal through its Target’s Statement.

UIL urge shareholders accept Strike takeover offer UIL urge shareholders accept Strike takeover offer UIL urge shareholders accept Strike takeover offer UIL urge shareholders accept Strike takeover offer UIL urge shareholders accept Strike takeover offer
 
 
Should the all-scrip offer go ahead, the two juniors will merge and create a larger entity with significant combined holdings across the Cooper and Perth Basins.  
The offer implies an indicative price for UIL of 7 cents per share and an indicative undiluted market capitalisation of A$16.1 million. 
 
It is at a 26.1% premium to UIL's five day volume weighted average price of 5.5cps and 43.4% to UIL's 30 day VWAP. 
 
BDO Corporate Finance and RISC were appointed by UIL as the independent experts to advise on the takeover offer. Adjusting for portfolio effects, RISC estimates a value range for the UIL assets of between A$6.8 million and A$24.0 million. A be...