Weatherly International has engaged Numis Securities and Treadstone Resource Partners as financial advisers to lead a review of strategic alternatives for the company and its assets where all opportunities for maximising shareholder value will be considered, alongside Strand Hanson, its existing nominated adviser.
The scope of the options being considered under the Strategic Review include, but are not limited to, the sale of the entire issued, and to be issued, share capital of the company; the restructuring of Weatherly International‘s debt; the disposal of certain Weatherly International asset(s); or the raising of capital via equity issuance.
As part of the investigation into the potential sale of the entire issued, and to be issued, share capital of the company, Numis has consulted with the Takeover Panel and the Panel has agreed that any discussions with third parties may be conducted within the context of a “formal sale process.”
The company confirms that it is not in discussions with, or in receipt of an approach from, any potential offeror at the date of the announcement.
Following this announcement, Weatherly International is now considered to be in an “offer period.”
Parties with an interest in making a proposal should contact Numis or Treadstone.
It is currently expected that any party interested in participating in the formal sale process will, at the appropriate time, enter into a non-disclosure agreement and standstill arrangement with Weatherly on terms satisfactory to the Board of Weatherly.
Weatherly International then intends to provide such interested parties with certain information on the business, following which interested parties shall be invited to submit their proposals.
It is expected that the formal sale process will conclude within six months.
There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made.