In today’s briefing:
- Golden Energy & Resources (GER SP)’s Lacking Offer from the Widjaja Family
Golden Energy & Resources (GER SP)’s Lacking Offer from the Widjaja Family
- Golden Energy & Resources (GER SP)‘s proposal from the Widjaja family – The distribution proposal (1.3936 GEMS share per share or IDR5,500 per GEMS share) and the delisting proposal (S$0.160).
- For minorities, the good news is that the distribution share ratio is in line with the control ratio and offers are at a premium to historical share prices/multiples.
- The bad news is that the distribution cash alternative is unattractive and the delisting offer values GEAR at a discount to the Stanmore Coal (SMR AU) stake adjusted for debt.
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