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St Barbara Board decides not to engage with Silver Lake's Revised Non-binding, Indicative, and Conditional Proposal for Leonora assets, citing excessive conditionality.
The Revised Proposal offers $370 million in cash and 327.1 million new Silver Lake shares, estimated to be worth $650 million after tax; St Barbara prefers the fully documented and financed Binding Genesis Transaction.
Genesis Minerals Limited now on track to acquire Leonora Assets by 30 June, backed by support from 49% of Genesis' shares on issue.
St Barbara amends the Transaction Agreement with Genesis Minerals, receiving an additional 5 million shares upon transaction completion and accelerating the 52.2 million Performance Rights conversion into Genesis shares.
Genesis will pay St Barbara $370 million cash and 205 million shares valued at $261 million based on the Genesis Closing Price for the sale of Leonora.
St Barbara shareholders will have increased upfront economic exposure to ~19.9% of Genesis post-transaction, with St Barbara's shareholding in Genesis anticipated to be returned to shareholders through a capital post transaction.