Evoworld intends to make an all cash offer for 30 per cent of the company’s capital which it does not already own or control, subject to a number of conditions.  

 

The suitor says Neon shareholders are set to be offered 3.5 cents per share, representing a 40 per cent premium to the company’s closing price at the end of August. 

 

Evoworld and its associates currently hold about 11.4 per cent in Neon and should the deal go through would gain control of Neon Energy without owning the majority of shares on issue. 

 

Neon Energy’s board has asked shareholders to take no action, given a number of concerns about the structure and timing of the offer. 

 

Neon Energy reported a net loss of $89.9 million over the 2013 calendar year.