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2021-05-26 by Proactive Australia
Kangaroo Island Plantation Timbers Ltd (ASX:KPT) managing director Keith Lamb has demonstrated his confidence in the company s strategy with the purchase of shares in an on-market transaction.
On May 24 Lamb acquired 5,000 shares at $1.15 per share in a direct interest, increasing the total number of securities held to 20,000 shares.
Reject takeover offer
The company s directors last week unanimously recommended that shareholders reject an on-market takeover offer from Samuel Terry Absolute Return Active Fund (STAM).
STAM already holds 26.26% of KPT and has offered to acquire all KPT shares at a price of $1.05 cash per share.
KPT chairman Paul McKenzie said the directors had recommended shareholders reject the offer for the following reasons:
The London stock market somewhat mirrored London’s weather today; a pleasant start, followed by heavy showers and then a traditional British tepid finish.