News and Announcements
Unity Pacific Commences Expressions of Interest Process
- Published February 03, 2016 11:47AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
2nd February 2016, ASX Announcement
In recent announcements, Unity Pacific Limited (ASX: UPG) (Unity Pacific) advised that the Unity Pacific Board will consider expressions of interest in relation to the corporate vehicle and the assets of UPG that will remain after the sale of 308 Queen Street/88 Creek Street, Brisbane.
On 24 December 2015, Unity Pacific advised that it had entered into a short period of exclusive negotiations with Sentinel Property Group (Senitel), expiring on 31 January 2016, in relation to a conditional offer made by them to fund a buyback of all the Unity Pacific Group securities that it does not currently own.
Unity Pacific advises that during that exclusivity period, Unity Pacific and Sentinel were unable to agree terms in relation to a revised offer.
Given that a number of parties have expressed interest in the corporate vehicle, Unity Pacific now intends to commence a broader expression of interest process (EOI process) in relation to the corporate vehicle and the remaining assets of the group during which it will continue engage with Sentinel which has indicated it would welcome the opportunity to be invited to participate in the formal EOI Process.
To read the full announcement, please click here.
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