Reference is made to the ASX announcement made by Propel Funeral Partners Ltd (ASX: PFP) on 9 January 2018 regarding the execution by FV (ACT) Pty Ltd (Bidder) (a subsidiary of Propel) of call option deeds in connection with approximately 19.9% of the issued share capital of Norwood Park Limited.
Propel announced that the Bidder has made an all cash takeover offer for the entire issued share capital of Norwood Park at the same price per share payable under the call option deeds. If the entire issued share capital of Norwood Park is acquired, the total cash payable by the Bidder for the shares would be approximately $13.65 million, which represents an enterprise value of approximately $14.3 million. The proposed acquisition is expected to be accretive to Propel’s earnings in year one.
Having announced the offer, the Bidder will exercise the options granted under the call options deeds as soon as reasonably practicable.
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