Watpac hits back at media reports

Company News

by Anna Napoli

Watpac (ASX:WTP) has hit back at media reports which claimed Watpac directors who backed the company’s takeover by BESIX would benefit financially as a result of the scheme through long-term incentive awards.

The construction and mining business says this is incorrect and misleading.

Watpac says it established an independent board committee to consider the proposal from BESIX which did not include the Watpac directors appointed by BESIX.

Moreover, the company says none of the Watpac Directors on the independent board committee participate in Watpac’s long-term incentive awards.

Under the proposed scheme of arrangement BESIX will acquire 50 per cent of Watpac shares for cash consideration of 92 cents per share.

Shares in Watpac (ASX:WTP) are trading down down 5.66 per cent to 75 cents.

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