Best & Less takeover goes compulsory

BB Retail Capital (BBRC) have passed 90 percent ownership of all shares of Best & Less Group and on Monday, Best & Less Group sent out a notice to shareholder stating that remaining BLG shareholders are to accept the takeover offer at $1.89 per share, with the offer acceptance period extended to July 14.

The compulsory share acquisition notice states that if the remaining shareholders do not accept the offer by 7pm this Friday (unless extended), BBRC “has determined to exercise its right to compulsorily acquire your BLG shares under the compulsory acquisition provisions of the Corporations Act.”

“In this case, the Bidder (BBRC) will issue the consideration for your BLG Shares to BLG. You will then be entitled to claim the consideration owing to you from BLG. In due course, BLG will send you a form to claim that consideration.”

If the shareholders accept the offer by the deadline, they will be paid within seven days of their acceptance, but if they wait for the compulsory acquisition process, payment will be in at least six weeks’ time.

Yesterday, the independent directors of BLG resigned. -Stephen Heath, Melinda Snowden and Colleen Callander have all stepped down.

Tim Dodd has been appointed as a non-executive director of Best & Less Group with immediate effect. He will not be paid in this role according to Ragtrader, and is already a BLG alternate director to Brett Blundy and serves as global CFO of BBRC across its investments and operations worldwide.

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