Remus Horizons Pcc Limited made a conditional non binding indicative proposal to acquire FAR Limited (ASX:FAR) for approximately AUD 210 million on December 17, 2020. Under the terms, each share will be acquired at a price of AUD 0.021 per share. The transaction will be funded from available internal cash reserves and that any formal binding offer would not include any financing conditions.

FAR Limited cautions that the Remus proposal is not a legally binding offer, there is no certainty that the Remus proposal will necessarily eventuate, and the Remus proposal terms are uncertain at this stage. Remus has a present funding capacity totaling AUD 400 million of which it has currently allocated up to AUD 250 million towards the acquisition of FAR and the provision of additional funds to FAR post the completion of the acquisition or through a potential working capital support bridge loan. The Remus proposal is conditional on the Woodside sale not occurring.

Remus Offer is not conditional on funding. Rums Offer is not conditional on any minimum acceptance level. The transaction is conditional on the FAR shareholder meeting to consider approving the sale of the RSSD project being rescheduled and no superior proposal emerging.

The shareholder meeting is scheduled on January 21, 2021. As of January 8, 2021, FAR has determined to further postpone the shareholder meeting to consider approving the Woodside sale currently scheduled for January 21, 2021 to February 18, 2021. Richard Lustig of Baker McKenzie acted as financial advisor to FAR in the transaction.