Procurri Corporation has received a voluntary conditional cash partial offer from NTCP SPV VIII, an investment vehicle of private equity group Novo Tellus together with two investor partners to acquire an additional 27.91% of all the ordinary shares.

The offer is priced at 36.5 cents per share, representing a 32.7% premium to the closing price of 27.5 cents on the last trading date prior to the offer. It also represents 24.1%, 17%, 17.7%, and 20.5% premiums to the one-, three-, six- and 12-month volume-weighted average prices respectively.

If the offer is successful, Novo Tellus will hold in aggregate 51% of Procurri, while Novo Tellus and ACT Holdings will hold in aggregate 56.57% of Procurri. Procurri is expected to remain listed post-transaction.
SEE:Procurri Corp posts 75% higher 1Q earnings of $1.75 mil on higher revenue & margin


In a media release dated March 15, the company states that senior executives of Procurri have agreed to approve the offer and tender 50% of their shares which amount to 17.35 million shares or 5.90% of all shares in alignment with the offer.

Sean Murphy, chairman and global CEO of Procurri says, “My fellow senior managers and I are tendering 50% of the Shares we hold because we believe the partial offer gives shareholders an attractive cash premium today, while still keeping Procurri listed to allow shareholders to continue taking part in its longterm equity growth.”

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Keith Toh, partner at Novo Tellus, says that the offer will allow Novo Tellus to take a more active role in building long-term value for the company and navigating short-term challenges the business faces.

Shares in Procurri last traded at 29.5 cents before trading was halted on March 11.