Cannon Resources Limited (ASX: CNR) has announced that Kedalion has declared its takeover offer free from all of the conditions.
As at 9am (AEDT) on 21 November 2022, Kedalion had a relevant interest in 33.24% of Cannon shares on issue, which includes acceptances from all of Cannon’s Board of Directors as well as Cannon’s largest shareholder, Ponderosa Investments WA Pty Ltd which held approximately 15% of Cannon’s shares on issue.
The Cannon Board has encouraged shareholders to accept the offer.
Cannon shareholders will receive their cash consideration within one month of today (for those who have already accepted) or one month from their acceptance (for those who now accept before the Offer closes).
The Cannon Board of Directors continues to unanimously recommend that shareholders accept the Offer, in the absence of a superior proposal and confirm that they have not received any approaches from any other party about an alternative bid for Cannon.
The Offer is currently scheduled to close at 7.00pm (Perth time) on 21 December 2022 (unless further extended).
Kedalion’s intentions for Cannon
Now that Kedalion has declared its Offer unconditional, Kedalion has requested a nominee to the Cannon Board. The Cannon Board has agreed to the appointment of Andrea Betti as a non- executive director, effectively immediately, as Kedalion’s nominee on the Cannon Board.
Cannon option holders
Cannon option holders will be required to exercise their Cannon options and accept their Cannon shares into the Offer prior to the end of the Offer period in order to receive the A$0.45 Offer consideration per Cannon Share. Option holders may exercise their options by completing a notice of exercise form which is available from 2022.
For further information please visit: https://www.cannonres.com.au/
