Overview of GTN Limited and takeover offer

GTN Limited (ASX:GTN) has received an unconditional off-market takeover offer from Viburnum Holdings Pty Ltd, a subsidiary of Viburnum Funds Pty Ltd, to acquire all ordinary shares for $0.465 cash per share. Viburnum Funds, with an interest of approximately 35.6% in GTN, aims to provide shareholders with a liquidity opportunity and certainty of an unconditional, all-cash offer. The offer price represents a premium to various benchmarks and is aimed at addressing the challenges of GTN's relatively small market capitalization and low liquidity. Euroz Hartleys Limited has been appointed as a broker to make on-market purchases of GTN shares during the bid period. The bidder's statement, expected to be sent to GTN's shareholders on or about 24 September 2024, will provide detailed information relevant to the offer, including how to accept.

Executive commentary on the off-market takeover offer

Viburnum Funds' off-market takeover offer to acquire GTN shares at $0.465 per share reflects our commitment to providing shareholders with a liquidity opportunity and certainty of an unconditional, all-cash offer. The offer price represents a premium to various benchmarks, addressing the challenges of limited liquidity and potential implications of remaining a minority securityholder of GTN. We believe this offer presents an attractive opportunity for GTN shareholders, and we are committed to ensuring a transparent and comprehensive process for their consideration.

Summary of the off-market takeover offer and outlook

Viburnum Holdings Pty Ltd, through its subsidiary Viburnum Funds Pty Ltd, has made an unconditional off-market takeover offer to acquire all ordinary shares in GTN Limited for $0.465 cash per share. The offer aims to provide shareholders with a liquidity opportunity and certainty of an unconditional, all-cash offer, addressing the challenges of GTN's relatively small market capitalization and low liquidity. The offer price represents a premium to various benchmarks, including the last closing price, the 30-day VWAP, and the twelve-month VWAP of GTN shares. Shareholders are advised to review the bidder's statement, expected to be sent on or about 24 September 2024, for detailed information relevant to the offer, including how to accept. The announcement outlines the process for accepting the offer, taxation considerations, and governance of the offer and resulting contracts. Shareholders are encouraged to carefully consider the offer and its implications. The outcome of this offer will likely have a significant impact on GTN's corporate strategy and future direction.