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XCD Energy Takeover Update – Compulsory Acquisition

Source: www.gulfoilandgas.com 7/9/2020, Location: Not categorized

88 Energy Limited is pleased to advise that that as at 7.00pm (Sydney time) on 8 July 2020, 88 Energy had acquired 90.97% of the shares in XCD Energy Limited (XCD Energy) and 93.31% of XCD Energy’s listed options. 88 Energy will now proceed to acquire the remaining XCD Energy shares and listed options under the compulsory acquisition provisions of the Corporations Act 2001 (Cth) (Corporations Act).

The compulsory acquisition will be on the same terms as 88 Energy’s off-market takeover offers for XCD Energy shares and listed options (Offers), being:
• 2.4 new 88 Energy shares for every 1 XCD Energy share; and
• 0.7 new 88 Energy shares for every 1 XCD Energy listed option.

Attached to this announcement is:
• a copy of ASIC Form 6021 – Notice of compulsory acquisition following takeover bid in respect of XCD Energy shares (Share Notice);
• a copy of ASIC Form 6021 – Notice of compulsory acquisition following takeover bid in respect of XCD Energy listed options (Listed Option Notice); and
• the accompanying letter to be sent to the remaining XCD Energy securityholders attaching the Share Notice and Listed Option Notice (together, the Notices).

The Notices set out the compulsory acquisition procedure and the remaining XCD Energy security holders’ rights. The Notices have today been lodged with ASIC and will be dispatched to XCD Energy securityholders.

ACCEPTING THE OFFERS
XCD Energy shareholders and listed optionholders who have not yet accepted the Offers may still do so before 7.00pm (Sydney time) on Monday, 13 July 2020 to receive their consideration within 7 business days of their acceptance being processed. Otherwise, their XCD Energy shares and listed options will be compulsorily acquired.

Those that wish to benefit from the 7 day accelerated payment terms should accept into the Offers immediately or risk a delay of up to approximately 50 days to receive the consideration shares under the compulsory acquisition timetable.

Acceptance forms have been provided to XCD Energy listed securityholders. Securityholders who hold their XCD Energy shares and/or listed options through CHESS can instruct their broker to accept the Offers on their behalf.

If you have any queries in relation to how to accept the Offers or any other matter pertaining to the Offers or the compulsory acquisition process, please do not hesitate to contact the 88 Energy Offer Information Line on 1300 095 745 (within Australia) or +61 3 9415 4300 (from outside Australia).

TRADING IN XCD ENERGY SECURITIES
XCD Energy listed security holders should also be aware that they may not be able to sell their XCD Energy shares or listed options on-market from 16 July 2020, which is when trading in XCD Energy shares and listed options on ASX is likely to be suspended. This announcement has been authorised by the Board of 88 Energy.

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