05
August 2025
Renergen Limited
Pierre Muller
Equity Analyst, PSG Wealth
- This report provides a summary of the Renergen and ASPI offer, along with the latest developments related to it. ASPI has made a firm offer to buy all shares of Renergen. This offer is planned to happen through a formal arrangement between Renergen and its shareholders. If this arrangement does not go through, there is a backup “standby offer” that can be used instead. A detailed document explaining the offer and setting out the meeting details was sent to all Renergen shareholders listed as of 30 May 2025. This document explains how the offer will work and what conditions need to be met for it to proceed. If the main arrangement is successful:
• Shareholders will receive new shares from ASPI according to a set exchange rate.
• ASPI will take full ownership of Renergen
• Renergen Shares will be delisted from the JSE, A2X and ASX.
If the arrangement fails because certain conditions are not met, the standby offer will open. This backup offer will have the same terms as the original one and shareholders will be informed when it becomes available. Our research supports a sell recommendation.