Kingsgate Consolidated (ASX:KCN) notes the conditional proportional takeover offer lodged today with the Australian Securities and Investment Commission for 50.1% of the issued shares in the Company by Northern Gulf Petroleum Pte Ltd at an offer price of 4.2 cents per share (“the Offer”). It is conditional only on Foreign Investment Review Board approval.
The Directors received no prior notification of the bid. It is being considered by the Board and advice will be provided to shareholders as soon as possible.
Your Directors recommend shareholders TAKE NO ACTION in relation to the Offer or any correspondence or document received from the Bidder until they receive further information from the Target Board.
Shareholders will have ample time to consider the recommendations of the Board and make a decision accordingly.