Kangaroo Island Plantation Timbers recommends ‘take no action’ on takeover offer

Kangaroo Island Plantation Timbers Ltd recommends that shareholders take no action in relation to an on-market takeover bid by Samuel Terry Asset Management Pty Ltd as trustee for Samuel Terry Absolute Return Active Fund. The unconditional offer at $1.05 cash per share was received this morning with KPT shares trading as much as 7.7% higher intra-day to $1.13. KPT said that it had received copies of the bidder’s statement and other documents in connection with the takeover offer and was reviewing them. The offer will remain open until June 18, 2021. KPT statement In a statement, KPT said: “The company intends to provide an initial response to the Takeover Offer within the next 48 hours, once it has completed its initial review of the bidder’s statement and other documents in connection with the Takeover Offer. “The company will also provide a target’s statement in accordance with the Corporations Act 2001 (Cth) within 14 days.” The bidder has appointed Third Party Platform Pty Ltd as its broker for the purchase of the KPT shares on-market. This broker has also appointed Aitken Murray Capital Partners Pty Ltd as the financial adviser in respect of the offer and Allens as the legal adviser in respect of the offer. In a statement, the bidder said: “The offer price of $1.05 per share: Is equivalent to the closing price of KPT shares on April 30, 2021 (being the last trading day prior to the announcement of the offer); Is equivalent to the 1 month VWAP of KPT shares to April 30, 2021; and Represents a premium of 3% to the 3 month VWAP of KPT Shares to April 30, 2021, of $1.02. “The offer is a best and final offer, and the bidder will not increase the offer price.” About Samuel Terry Asset Management Samuel Terry Asset Management Pty Ltd (STAM)is making the offer in its capacity as trustee for Samuel Terry Absolute Return Active Fund. STAM is a boutique investment management company based in Sydney established in April 2004. It is the investment manager and trustee of the Samuel Terry Absolute Return Active Fund and Samuel Terry Absolute Return Fund which are trusts whose units are stapled together to form the Samuel Terry Absolute Return Group. The size of the fund is approximately $360 million. This fund invests in Australian and international debt and equity securities, which may be listed or unlisted, and derivatives.