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
