Overview of Whispir's latest announcement

Whispir Limited (ASX: $WSP) has recommended accepting the Further Revised Soprano Offer of $0.55 per share, as announced in the Fourth Supplementary Target's Statement. The recommendation comes after Soprano Design Technology (Australia) Pty Ltd increased its offer price and Whispir received a further revised non-binding indicative offer from Pendula. The Independent Board Committee (IBC) has made the recommendation in the absence of a superior proposal, with the Offer Period extended to 14 days after the date of the notice of variation.

Executive commentary on the recommendation

The IBC, comprised of Mr. Brendan Fleiter and Ms. Sarah Morgan, recommends that Whispir Shareholders accept the Further Revised Soprano Offer, considering the unconditional nature of the offer and the uncertainty surrounding the Revised Pendula NBIO. Mr. Jeromy Wells, not a member of the IBC, has made no recommendation at this time, considering the potential for a superior proposal to emerge and the ongoing discussions with Pendula.

Summary of the announcement and outlook

Whispir has recommended accepting the Further Revised Soprano Offer of $0.55 per share, following an increase in the offer price by Soprano. The IBC's recommendation is based on the unconditional nature of the offer and the uncertainty surrounding the Revised Pendula NBIO. The Independent Expert has changed its opinion, now considering the Further Revised Soprano Offer as fair and reasonable to Whispir shareholders not associated with Soprano. Whispir shareholders are advised to consider the certainty of value and the potential risks associated with waiting for a superior proposal. The Offer Period is currently scheduled to close on 28 December 2023, with an automatic extension of 14 days from the date of the notice of variation. Whispir continues to engage with Pendula regarding the Pendula NBIO, and shareholders are encouraged to read the Independent Expert's Report for a comprehensive understanding of the situation.