Lion Nathan & Kirin sign Implementation Agreement

Lion Nathan & Kirin sign Implementation Agreement

Sydney, 11 May 2009:

Lion Nathan Limited (“Lion Nathan”) today announced that it had signed an Implementation Agreement (“IA”) with Kirin Holdings Company, Limited (“Kirin”).

The binding terms and conditions set out in the IA (attached in Appendix A) reflect the key commercial terms outlined in Lion Nathan’s announcement on 27 April 2009 relating to Kirin’s offer to acquire all of the issued shares in Lion Nathan that it does not already own for an offer consideration of $12.22 per share (the “Offer”).

Following a comprehensive review of how to most effectively structure the Offer consideration having regard to shareholders’ objectives, it has been agreed that the Offer consideration will comprise the following: n Scheme cash consideration of $11.50 per share; and n Fully franked dividends of $0.72 by Lion Nathan1, comprising an interim dividend of $0.22 and a special dividend of $0.50 (the “Dividends”). The Dividends are expected to be fully franked with Australian franking credits and the special dividend is expected to be partly imputed utilising available New Zealand imputation credits.

Including the franking benefits attached to the Dividends, the Offer consideration has an estimated value of up to $12.37 per share for certain classes of shareholders.

Lion And Kirin Full Implementation Agreement (pdf)

ENDS

© Scoop Media