Independent directors at CBG Capital have recommended its shareholders accept an acquisition offer from Clime Capital (CAM) to purchase over half of its shares.
The number of shares to be purchased by Clime increased from an initial offer of 52.59 per cent on 19 August to 58.46 per cent of the CBG shares on issue on 21 August.
In a statement to the Australian Securities Exchange (ASX), CBG said shareholders would need to have received shares from CAM by early October if they wished to receive their next dividend.
“The safest way to receive the next dividend payment is to accept the offer now. The independent directors of CBG have recommended shareholders accept the offer in the absence of a superior proposal and all directors have accepted their own shares. By now, many of your fellow CBG shareholders have already accepted the offer with acceptances circa 57 per cent of CBG shares.
“If CAM obtains a relevant interest in at least 90 per cent of CBG shares during the offer period, CAM intends to proceed to compulsory acquisition of the CBG shares held by those shareholders that have not accepted. The compulsory acquisition process will take time to conclude, and shareholders whose shares are acquired under this process may miss out on the next quarterly dividend from CAM.”
The offer is scheduled to close on 9 September, 2019.