Beach Energy Limited (ASX:BPT) Increases Relevant Interest In Adelaide Energy (ASX:ADE) To Greater Than 65%
Beach continues to encourage the remaining Adelaide Energy shareholders to accept the Offer as:
- The Offer price has been declared final and will not be increased under this Offer;
- In Beach's view, it is unlikely an alternative bid will emerge;
- The Offer represents a significant premium to the price that Adelaide Energy was trading at prior to Beach announcing its intention to acquire the company;
- The remaining shareholders are likely to have their shareholding diluted by the future capital requirements of Adelaide Energy; 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The Offer to Adelaide Energy shareholders will close on 22 December 2011, unless extended or withdrawn. Adelaide Energy shareholders can sell to Beach by instructing their broker to sell their shareholding to Beach through its broker for the Offer, Macquarie Equities Limited.
About Beach Energy Limited
Beach Energy Limited (ASX:BPT) is a long established oil and gas Exploration and Production Company, based in Adelaide, South Australia.
Beach Energy Limited
Adelaide Energy Limited