Gulf Oil and Gas accountACCOUNT

Beach Energy Takes Majority Stake in Impress

Source: 12/14/2010, Location: Not categorized

Beach Energy Ltd is pleased to announce that it has secured majority control of Impress Energy Limited by lifting its relevant interest in Impress to above 50%.

On 6 December 2010, Beach announced a recommended and unconditional on-market cash offer (Offer) for all of the issued and outstanding shares of Impress that it did not own, for 8.5 cents per share.

Beach Managing Director Reg Nelson said: “As Beach has a controlling stake in Impress, it is highly unlikely that any counter offer would be made for the company. We are pleased that so many Impress shareholders have taken the opportunity to accept the offer and would encourage remaining shareholders to do likewise.”

The remaining Impress shareholders are encouraged to accept the Offer as:
- It is highly unlikely an alternative bid will emerge as Beach has a relevant interest of more than 50% of Impress;
- The Offer represents a significant premium to the price that Impress was trading at prior to Beach announcing its intention to merge with Impress via a scheme of arrangement on 22 November 2010;
- The Offer is unanimously recommended by Impress Directors;
- Many Impress shareholders, including Impress Directors, have already accepted the Offer;
- The remaining shareholders are likely to have their shareholding diluted by the future capital requirements of Impress; and
- The remaining shareholders who do not accept the Offer face potential share price risk and reduced liquidity once the Offer closes.

The Offer to Impress shareholders will close on 24 January 2011, unless extended or withdrawn.

Until that time, the remaining Impress shareholders have the opportunity to sell into the Offer and capture value for their shareholding.

Impress shareholders can accept the Offer by instructing their broker to sell their shareholding to Beach through its broker for the Offer, Euroz Securities Limited.

Mergers and Acquisitions News in Australia >>

United States >>  9/28/2020 - Devon Energy and WPX Energy have entered into an agreement to combine in an all-stock merger of equals transaction. The strategic combination will cre...
United States >>  9/25/2020 - Alpha Energy, Inc. announced a definitive Option Agreement with Kadence Petroleum, LLC to acquire oil and gas assets in Oklahoma in the Logan 2 Projec...

United States >>  9/25/2020 - GeoEnhanced Technologies, Inc. has entered into agreement with Pacific Technologies Group, Inc. ("PTG") to assist the Company in facilitating qualitat...
France >>  9/24/2020 - Air Liquide has acquired 80% of the capital of the French company Cryoconcept, which specialises in dilution refrigeration - a technology allowing to ...

United States >>  9/24/2020 - Blackstone announced that private equity funds managed by Blackstone Energy Partners have closed the sale of their approximately 42% stake in Cheniere...
Germany >>  9/23/2020 - The technology group Wartsila announces the divestment of 100% of the shares in Wartsila JOVYATLAS GmbH to Jacob Waitz Industrie GmbH, a German based ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Australia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.