Under the terms of the offer, JDV shareholders will be offered a 100% security exchange, of one new IWL Share for every three JDV Shares held. The offer values each existing JDV share at $1.02 per share, based on the closing share price of IWL on 21 February 2005 of $3.05.
The implied offer price represents a premium of 25% to the volume weighted average price of JDV shares over the past five trading days of $0.81.
IWL shares closed up 15c to finish on $3.20 on moderate volume.