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Beach Increases Stake in Impress to Greater Than 75 %

Source: www.gulfoilandgas.com 2/18/2011, Location: Not categorized

Beach Energy Ltd advises it now has a relevant interest in Impress Energy Ltd in excess of 75%, as Impress's largest remaining institutional shareholder continues to sell into Beach's 8.5 cents per share offer. This has also been supported by a large retail shareholder selling its shareholding in Impress.

Beach announced a recommended and unconditional on-market cash offer for all of the issued and outstanding shares of Impress it did not already own on 6 December 2010.

As already advised to the market by Impress, Mr Bob Kennedy, Mr Glenn Davis and Mr Reg Nelson are now the directors of Impress. Ms Kathryn Presser and Ms Cathy Oster are now the company secretaries.

Having greater that 75% of Impress shares, Beach can now decide the outcome of any special resolution put forward to an Impress shareholders' meeting.

Beach continues to encourage remaining Impress shareholders to accept the offer before it closes on Monday, 21 February 2011.

The offer can be accepted by instructing your broker to sell your shareholding to Beach through its broker for the offer, Euroz Securities Limited.

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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 


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