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USD 1.7bn Purchase Offer for New Britain Palm Oil Extended.

M2 EQUITYBITES-February 9, 2015-USD 1.7bn Purchase Offer for New Britain Palm Oil Extended

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9 February 2015 - Papua New Guinea -based palm oil producer New Britain Palm Oil Ltd. (LSE: NBPO) (POMSoX: NBO) has provided an update regarding a cash offer by Sime Darby Plantation Sdn Bhd for all the issued and to be issued shares in NBPOL at a price of GBP 7.15 or PGK 28.79 per share.

The company said it has received a notice of variation from Sime Darby Plantation shortening the offer period. The Variation Notice was issued by Sime Darby Plantation in accordance with Rule 15(1) (d) of the Takeovers Code 1998 of Papua New Guinea and in accordance with an exemption granted by the Securities Commission of PNG pursuant to Rule 15(1) (e) of the Takeovers Code.

New Britain Palm Oil said that the notice provides that Sime Darby Plantation is shortening the offer reriod from its current 149 days to 124 days.

The offer will now remain open until 5.00 pm on 23 February 2015 (PNG time) for acceptances received within PNG or 1.00 pm (UK time) on 23 February 2015 for acceptances received within the UK, unless the offer is withdrawn or the offer period is further extended in accordance with the Takeovers Code.

Following the satisfaction of the EU merger filing condition (refer to Section 12.1(d) of the Offer Document), the main conditions of the offer have now been satisfied, NBPO said. The additional time provided by the notice of variation dated 6 January 2015 is no longer required.

NBPOL is a large scale integrated industrial producer of sustainable palm oil in Australasia, headquartered in Papua New Guinea.

It has over 79,800 hectares of planted oil palm estates, over 7,700 hectares of sugar cane and a further 9,200 hectares of grazing pasture; twelve oil mills; two refineries, one in PNG, and one in Liverpool, UK; and a seed production and plant breeding facility. The company is listed on both the Main Market of the London Stock Exchange and on the Port Moresby Stock Exchange in PNG.

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Publication:M2 EquityBites (EQB)
Geographic Code:8PAPU
Date:Feb 9, 2015
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