FIL POTENTIAL SHARE PURCHASE UPDATE
The Board of Directors of FijiCare Insurance Limited (“FIL”) advises that, as foreshadowed in previous market announcements, a Bidder’s Statement was received from Mount Sophia Ventures (Fiji) Limited on February 8, 2018 for the acquisition of between approximately 75 per cent and 80 per cent of the issued shares in FIL at a price of FJD 1.10 per share.
The Bidder’s Statement had been registered by the Reserve Bank of Fiji on February 6, 2018.
The Board held meetings on Monday, February 19, 2018 and Tuesday, February 20, 2018 to consider the Bidder’s Statement and an Independent Expert’s Report which it had commisioned from Kontiki Capital Limited and which was received on February 13, 2018.
The Board, acting solely via the independent director (in view of the remaining directors being parties to the transaction) has agreed on the contents of a Target’s Statement including recommendations to shareholders as required by the provisions of the Companies Act 2015.
The Target’s Statement is expected to be lodged with the Reserve Bank of Fiji (“RBF”) for registration later yesterday.
FIL will request an extension from the RBF for registration.
It is expected that the Bidder’s Statement will be attached to a further SPSE market announcement and posted on the FIL and SPSE websites later yesterday.
The Bidder’s Statement will also be distributed by mail to shareholders on behalf of the bidder.
The Target’s Statement accompanied by the Independent Expert’s Report and any other inclusions required by the RBF will be distributed at a later date immediately following registration by the RBF.
The directors of FIL recommend that shareholders do not take any action until they receive the Target’s Statement and Independent Expert’s Report.
In the circumstances, FIL has voluntarily requested the SPSE to suspend the trading of FIL shares until further notice.