**[investwise]** Pennar Industries-Another Open-Offer That Is Bound To Fail

 

Yes Bank Ltd ("Manager to the Offer") on behalf of (a) Eight Capital Master Fund Ltd & (b)Spinnaker Funds i.e. Spinnaker Global Opportunity Fund Ltd, Spinnaker Global Emerging Markets Fund Ltd & Spinnaker Global Strategic Fund Ltd ("Acquirers"), has issued this Letter of Offer to the shareholders of Pennar Industries Ltd ("Target Company"), which is in continuation of & should be read in conjunction with the Public Announcement ("PA") dated January 22, 2008, pursuant to Regulation 10 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1991 and subsequent amendments thereto. To acquire upto 2,52,95,496 fully paid up equity shares of the face value of Rs. 5/- (Rupees Five only) each, representing 20.00% of the voting paid up equity share capital of Target Company, at a price of Rs. 28.45 (Rupees Twenty Eight and Paise Forty Five only) per fully paid up equity share ("Price") plus interest for delay in the offer schedule, of Rs. 2.00 (Rupee Two only) per fully paid up equity share at the rate of 10% p.a., to be paid to the eligible shareholders of the Target Company, payable in cash. Revised schedule of activities: ------------------------------------------------------------------------------------------ Activity Original Schedule Revised Schedule ------------------------------------------------------------------------------------------ Specified Date January 25, 2008 January 25, 2008 Date of Opening of the Offer March 17, 2008 July 01, 2010 Date of Closing of the Offer April 05, 2008 July 20, 2010 ------------------------------------------------------------------------------------------ Safe Harbor Statement: Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.   Nothing in this article is, or should be construed as, investment advice.

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