Consortium ups cash offer for Penguin International to $0.83 per share

The Offer Shares are to be acquired fully paid and free from rights and interests of any nature.

W Capital Markets, on behalf of Aleph Tav, has upped their final voluntary unconditional cash offer for all the issued and paid-up ordinary shares of Penguin International to $0.83 for each Share, from $0.82 previously.

In an announcement, W Capital Markets indicated that it does not intend to revise the final offer price, save that it reserved the right to do so in a competitive situation.

W Capital Markets disclosed in its 4 May announcement that the offer shares are to be acquired fully paid and free from all liens, equities, mortgages, charges, encumbrances, rights of pre-emption, and other third-party rights and interests of any nature whatsoever.

Penguin International would appoint an independent financial adviser (IFA) to advise its board of directors and send a circular containing their advice to the shareholders within fourteen days from dispatch.

In the meantime, Penguin International advised its shareholders to "exercise caution when dealing with their Shares and refrain from taking any action about their shares which may be prejudicial to their interests, until shareholders have considered the information and the recommendation of the independent directors, as well as the advice of the IFA, to be set out in the offeree circular and issued by the company in due course. If concerned about what action they should take, shareholders should consult their stockbroker, bank manager, solicitor, or other professional advisers."