Sintana To Acquire Challenger

(RTTNews) - The board of each of Sintana and Challenger have reached agreement on the terms of a recommended all share offer pursuant to which Sintana will acquire the entire issued and to be issued ordinary share capital of Challenger. Challenger shareholders shall be entitled to receive: for each Challenger share: 0.4705 new Sintana shares.

Immediately following completion of the acquisition, it is expected that Challenger shareholders will own approximately 25 percent of the issued share capital of the Combined Group. The acquisition represents an implied value of 16.61 pence per Challenger share, valuing the entire issued and to be issued share capital of Challenger at approximately 45 million pounds.