360 Capital sheds its stake in E&P
360 Capital has sold its entire stake in E&P Financial Group, after its failed takeover attempt earlier this year.
TGP sold its 19.9% stake in EP1 at 62 cents per share ($ 29.9 million in total, including dividends).
He says he made a total profit of $ 9.1 million on the sale, an IRR of 54.9%.
It is replaced in the EP1 shareholders register by Mercury Capital, which exercised its call options from June 3 to acquire the 19.9% of the capital of 360 Capital.
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ASX-listed 360 Capital first appeared in Evans Dixon’s register of shareholders after fiscal year 20 results (where it reported a statutory loss of $ 30.5 million) and the departure of co-founder Alan Dixon.
TGP has taken a 20.22% stake in EP1.
Tony Pitt was first approved for election to the EP1 board, but the latter backtracked on his recommendation after 360 filed a buyout offer on October 27.
The company’s initial offer was conditional on the failure of the EP1 stock / option plan at the AGM – but the resolution was passed.
In December 2020, 360 increased its bid on EP1 shares by 13% to 60 cents per share.
Eventually it failed and abandoned the offer in April.