The comment refers to both the revised all cash consideration of 97.3 cents apiece and the revised PT Golden Energy Mines (GEMS) shares consideration and cash of 96.4 cents apiece. GEMS is GEAR’s Indonesia-listed company.

The revised offer was said to “fall within or above” the IFA’s estimated range of the share values beween the lower value of 74.8 cents an dthe higher value of 96.4 cents

“Accordingly, we advise the non-conflicted directors to recommend shareholders to vote in favour of the distribution resolution and accept the exit offer, unless they are able to obtain a higher price on the open market, after taking into account the applicable transaction costs,” says the IFA.

On March 18, the board of GEAR had increased its offer price for the remaining shares with the all-cash consideration raised by 15% to 97.3 cents per share compared to its previous offer of 84.6 cents per share.

The cash alternative price has also been increased to IDR6,500 (56.7 cents) per GEMS share.

<span class='see_also_inread'><b>See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/news/offer/sarine-technologies-offers-34-cents-share-market-equal-access-share-buyback-offer?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Sarine Technologies offers 34 cents per share in off-market equal access share buyback offer</a></b></span>

Shareholders who elect to receive GEMS shares will have to have a securities account with the Indonesia Stock Exchange (IDX).

As at 10.16am, shares in GEAR are trading flat at 95.5 cents.

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