By Phil Boeyen, ShareChat Business News Editor
Wednesday 27th December 2000
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Strathmore shareholder Saree Holdings is offering 11 cents a share for around 27.5 million ordinary shares held by Advantage, along with a million options at nil cents per option, for a total price of $3.029 million.
Saree Holdings says in a Notice of Restricted Transfer that following the proposed transaction it will hold 22.24% of the company and 28.18% of the options.
As required under stock exchange rules the NRT has a three working day 'notice and pause' provision, with the transfer by private treaty expected to be settled by the end of next month.
Strathmore directors say they do not believe that there is any relevant information available to Saree which has not been made generally available to the market, and they do not intend to take any further action or investigation in relation to the proposed NRT.
Advantage says it is considering the offer, which represents just under 16% of Strathmore's ordinary shares on issue.
Advantage became a major Strathmore shareholder in September 1999 when it bought 20% of the company for $600,000 from Saree Holdings, who in turn had purchased the Thompson family's stake in business.
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