Spicers Limited announced that it has entered into an agreement binding Scheme Implementation Deed with Kokusai Pulp & Paper Co., Ltd. (KPP), under which KPP would acquire all of the shares in Spicers.
Under the scheme, Spicers shareholders will receive an estimated AU$147.6 million, or 7.0 cents per share, on a fully diluted basis.
Spicers will propose a return of capital to shareholders, covering distributions from sales of the Asian operations, expected proceeds from the sale of properties in Singapore and Tasmania, and surplus ‘net cash’ amounts as at 30 June 2019.
Spicers recently announced that Spicers Paper (Singapore) Pte Ltd has now entered into an agreement for the sale of its property at a value of SGD 10.1 million. The property is located at 3 Gul Crescent, Singapore 629519.
KPP was listed on the Tokyo Stock Exchange in June 2018, and has significant Japanese and overseas business operations focused on paper, packaging and other peripheral products. Group sales are JPY377.7 billion, with 956 staff employed across 26 sites globally. KPP’s objective for the next three financial years is to accelerate business expansion and advance an M&A strategy in the Asia-Pacific region.