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