- Federation Asset Management has made a move to purchase all remaining shares in Windlab (WND)
- All remaining shares will be issued at a cash price of $1 per share, which represents a premium of nearly 39 per cent
- However, this proposal is non-binding and conditional, with no certainty that it will result in a transaction
- Windlab’s share price is currently up 31.9 per cent with shares trading for 95 cents apiece
Federation Asset Management has today made a move to purchase all remaining shares in Windlab (WND).
All remaining shares will be issued at a price of $1 per share in cash which represents a 38.9 per cent premium to the most recent closing price of Windlab shares and a 40.1 per cent to the 30 day volume-weighted average price.
The proposal follows an initial period of discussions and due diligence undertaken by Federation.
This was the same time Windlab undertook its strategic review which was announced to the market in August 2019.
With the shares at a premium, directors of Windlab believe that it presents shareholders with an opportunity to realise their investment in the company.
However, the proposal is subject to a number of conditions which includes the completion of due diligence, required regulatory approvals, and shareholder and court approval.
This proposal is non-binding and conditional, and there is no certainty that it will result in a transaction.
Moelis Australia is acting as financial adviser and Dentons is acting as legal adviser.
In September, Federation made its first move to purchase Windlab by acquiring a significant stake in the company.
Windlab is an international wind energy development company that was initially established to commercialise atmospheric modelling and wind mapping technology.
The company uses this technology to identify and develop high quality wind farm sites which reduces the risk and uncertainty associated with wind development.
It is developing more than 50 renewable energy products, totalling over 7500 megawatts of potential capacity around the world.
Windlab’s share price is currently up 31.9 per cent with shares trading for 95 cents apiece at 12:30 am AEDT.