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Programmed Maintenance Services Announces Board Recommends Acquisition Proposal from PERSOL

14 Jul 2017  |  11:11:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: PRG Board recommends acquisition proposal from PERSOL

Programmed Maintenance Services announced that it has entered into a Scheme Implementation Deed with PERSOL HOLDINGS (PERSOL) under which PERSOL proposes to acquire 100% of the issued share capital of Programmed for a cash price of $3.02 (Offer Price) per share (Proposal) by way of a scheme of arrangement (Scheme). The Proposal represents a 68% premium to the last closing price of Programmed shares on 13 July 2017 of $1.80 and 64% premium to the 1-month VWAP of Programmed shares of $1.84. PERSOL Group is one of the staffing companies in Japan with 32,000 employees and operations throughout Asia Pacific. The proposed quantum of the special dividend will be advised to Programmed shareholders in due course.

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