The cash alternative price has also been increased to IDR6,500 (56.7 cents) per GEMS share. GEMS stands for PT Golden Energy Mines, GEAR’s Indonesia-listed company. In its bourse filing, GEAR stated that entitled shareholders can opt to receive 1.3936 GEMS shares or a cash consideration of 79.2 cents (being the revised GEMS cash consideration). The amount is based on the distribution ratio, the revised cash alternative price and the agreed exchange rate of IDR6,500 multiplied by 1.3936, divided by the agreed exchange rate and rounded up to three decimal places.
The board of Golden Energy and Resources (GEAR) (SGX:AUE
) has increased its offer price for the remaining shares it does not own in the company on March 18.
The all-cash consideration has now been raised to 97.3 cents per share, 15% higher than its previous offer of 84.6 cents per share.
