27/03/2009 - 11:50

Hannans director resigns on Fox takeover

27/03/2009 - 11:50

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Hannans Reward director Terry Grammer has resigned following outraged calls yesterday by chairman Richard Scallan that he step down after accepting Fox Resources' takeover offer.

Hannans Reward director Terry Grammer has resigned following outraged calls yesterday by chairman Richard Scallan that he step down after accepting Fox Resources' takeover offer.

Mr Grammer yesterday strongly recommended shareholders accept a takeover bid by the Terry Streeter-backed Fox.

He offered his own pre-acceptance bid of one Fox share for every two Hannan's shares, a day after fellow director Frank Cannavo, also resigned, made his offer to boost the suiter's takeover acceptances to 18.95 per cent.
Hannans said the takeover bid was "completely opportunistic".

"Despite request, neither Mr Cannavo nor Mr Grammer has disclosed their involvement with respect to the bid," Hannans said in the statement.

"Hannans reserves its rights in relation to their conduct."

 

 

 

 

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