In the Firm Intention Announcement released on the SENS on 30 January 2018 and published in the press on 31 January 2018, CEC Shareholders were advised of the Binding Offer Letter received from the Offeror expressing the Offeror’s intention to make an Offer to purchase all of the ordinary shares in the capital of CEC for a cash Offer Price of US$0.2338 per CEC Share, subject to adjustment.
Following receipt of the Binding Offer Letter by the Board, at a meeting of the Board held on 1 February 2018, the Board pursuant to the Takeover Rules appointed the ICB to discharge the duties of the Board in relation to the Offer. The ICB is required upon receipt of the Binding Offer Letter, to consider the Offer and provide CEC Shareholders with its opinion and recommendation regarding the Offer having, inter alia, obtained and given due consideration to the fair and reasonable opinion of the Independent Financial Adviser.
The Offeror has sent an Offer Document to CEC Shareholders which sets out details of the Offer and the Offeror, the rationale for the Offer and the strategic intent of the Offeror on completion of the Offer.
This Circular sets out a summary of the Offer to the CEC Shareholders and the ICB’s recommendations regarding the Offer and the action to be taken by Shareholders.