The Independence Group (ASX:IGO) will not participate in Panoramic’s entitlement offer

Company News

by Rachael Jones

The Independence Group (ASX:IGO) will not participate in Panoramic Resources (ASX:PAN) entitlement offer.

Yesterday morning Panoramic Directors unanimously recommend that shareholders reject the unsolicited, highly conditional off-market takeover bid by The Independence Group (ASX:IGO).

They also announced yesterday they are looking to raise over $30 million in fresh funds.

The deal was structured as a 1-for-6 accelerated non-renounceable entitlement offer priced at 30 cents a share.

The Independence Group (ASX:IGO) has a 3.8 per cent shareholding in Panoramic.

Shares in The Independence Group (ASX:IGO) closed 1.04 per cent higher at $5.84 yesterday
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.