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...
