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Panoramic Resources bring in expert for takeover recommendation

The board’s current recommendation is that shareholders should reject IGO’s takeover offer.

Panoramic Resources Ltd - Panoramic Resources bring in expert for takeover recommendation
The board will review their position following receipt of the independent expert’s report

Panoramic Resources Ltd (ASX:PAN) has engaged KPMG to produce an independent’s expert report on the fairness and reasonableness of IGO’s off-market takeover bid.

The report is expected to be finalised on or around 23 December 2019.

At this point in time, Panoramic’s board maintain their unanimous recommendation that Panoramic shareholders reject the IGO takeover offer.

The board is seeking alternative proposals

Panromaic has opened the door to other interested parties by establishing a data room in recent weeks.

The data room provides information to interested parties to conduct due diligence, to allow them the opportunity to put forward alternative proposals.

The board believes these alternative proposals have the potential to maximise value for Panoramic shareholders.

Operational review also underway

The Panoramic board also remains focused on delivering the full potential of the Savannah Nickel Project.

First development ore was produced from the Savannah North deposit recently and ore production is expected to ramp up over the coming quarters.

An Operational Review is currently underway targeting an improved operational performance at Savannah.

Outcomes of the Operational Review, including updated production guidance for FY2020, are expected in the coming weeks.

Quick facts: Panoramic Resources Ltd

Price: 0.125 AUD

ASX:PAN
Market: ASX
Market Cap: $95.39 m
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