Webster Limited Scheme Implementation Agreement
Webster Limited (ASX: WBA) was up by more than 50% on announcing the signing of a binding Scheme Implementation agreement. Under the terms of the agreement, PSP Bidco and Sooke Investments are to acquire all the ordinary shares of Webster that they don’t already own, for a cash price of $2 per share.
The $2 a share Preference Share scheme gives Webster a market capitalization of $724 million with an enterprise value of $854 million. The scheme consideration will see shareholders walking away with $2 per each share held representing a 57% premium over Webster share closing price as of October 2, 2019.
Once the scheme is finalized, Webster, which operates walnut and almond orchards, will have to transfer certain assets to a new entity formed by PSP investments for a total value of $276.7 million. Some of the assets up for transfer include the Kooba property aggregation as well as hay properties and southern grazing stock. Implementation f the scheme is, however, subject to the approval of Webster shareholders.
Hammer Metal Bronzewing South Gold Project Development
Hammer Metals Ltd (ASX: HMX) was up by more than 15% after announcing positive results as part of an ongoing drilling program at the Bronzewing South gold project. Upon testing five targets as part of the 14 whole programs, the company uncovered significant intersections of gold mineralization at the project at different depth.
The exploration and mining company is planning to initiate a phase 2 program that will test five targets developed by IP and gravity data. Plans are also in the pipeline to commence RC and air core drilling programs along with Bronzewing South and Orelia trends.
The aggressive exploration and mining operation comes months barely after Hammers Metal completed the acquisition of the Bronzewing South gold project. The company has already generated multiple drilling targets that continue to show tremendous prospects of mineralization.
Separately, the company has confirmed the appointment of Mr. Dan Thomas as the new managing director. He joins the company with vast experience in project management as well as corporate development and mergers & acquisitions across resource sectors.
4DS Memory IMEC Megabit Integration Milestone
4DS Memory Ltd (ASX: 4DS) was up by 16% after providing a positive update on the development of its memory technology. The company has since reached an agreement with IMEC to move forward with the integration of its memory technology in Imec’s megabit platform.
The integration will allow 4DS memory to demonstrate the full potential of its Interface Switching ReRam technology. The integration involves the monitoring and analysis of speed as well as retention. The two intend to produce an initial lot of 300mm wafers in the fourth quarter.
Megabit memories are becoming increasingly popular, given their ability to collect statistically significant and meaningful data. Their high endurance speed, as well as data retention and yield, makes them ideal for high volume memory makers.