Important EROAD Shareholder Update

GENERAL
Wed, Jul 12 2023 01:49 pm

Important EROAD Shareholder Update - 12 July 2023

On 22 June 2023 the EROAD Board received an unsolicited proposal outlining a non-binding indicative offer from a subsidiary of Volaris Group (“Volaris”) to acquire all EROAD shares it does not already own, at a price of NZ$1.30 per share in cash (“Volaris NBIO”).

After careful consideration, the Board has determined that the Volaris NBIO materially undervalues EROAD’s business. The Volaris NBIO therefore falls below the level at which the Board would be prepared to grant Volaris access to due diligence information, or to engage in negotiations on a scheme implementation agreement.

The Board has communicated this to Volaris today and will send the attached letter to all EROAD shareholders today (to which a copy of the response letter to Volaris is attached).

EROAD’s response follows a thorough assessment of the offer in the interest of all shareholders, and taking into account the Board’s dual responsibility to ensure the Volaris NBIO is given full consideration, while also ensuring the EROAD team remains focused on executing our strategic plans.

Authorised for release to the NZX and ASX by the Chair of the EROAD Board.


Ends

For investor enquiries please contact:
Matt Gregorowski, Citadel MAGNUS
+61 422 534 755
[email protected]

For media enquiries please contact:
Hugo Shanahan
+64 275 111 561
[email protected]


Announcement PDF


Markets News

NZ sharemarket up 0.5% ahead of long weekend
Markets Market Close

NZ sharemarket up 0.5% ahead of long weekend

Pacific Edge's share price fell 7.32%.

Tom Raynel 24 Apr 2025
Retail

Listed retailers stand to gain from Trump tariffs: Forsyth Barr

Forsyth Barr lifted its KMD Brands target price by 10.4% after Trump tariff walkbacks.

Gregor Thompson 24 Apr 2025
Listed retailers stand to gain from Trump tariffs:  Forsyth Barr
Markets Market Close

NZ sharemarket rises as Trump backs down

The S&P/NZX 50 Index closed up 1.01% or 119.78 points.

Tom Raynel 23 Apr 2025
NZ sharemarket rises as Trump backs down