APA Group and CKI Consortium enter into Implementation Agreement

Company News

by Anna Napoli

APA Group (ASX:APA) has today announced its entered into a conditional implementation agreement with CKI Consortium to acquire 100 per cent of APA’s stapled securities at a cash price of $11 per security.

The deal will not affect APA’s final distribution for the 2018 financial year, which is expected to be 24 cents per stapled security, to be paid on the 12th of September.

APA Directors have unanimously recommended the transaction in the absence of a superior proposal

Chairman, Michael Fraser says the offer made by CKI Consortium is compelling. It is an all cash offer, representing a premium of over 30 per cent to APA’s recent trading prices and gives certainty of value to securityholders.

Shares in APA Group (ASX:APA) are trading 0.91 per cent higher to $9.93.