Beach Energy Limited (
Beach Energy Ltd ("Beach") announced on Monday, 6 December 2010, a recommended and unconditional on-market cash offer ("Offer") for all of the issued and outstanding shares of Impress Energy Ltd ("Impress"), that it does not own, for 8.5 cents per share.
Beach, through its broker Euroz Securities Limited (
Beach Managing Director, Reg Nelson, said: "Continued strong selling by Impress shareholders again reinforces, in our view, the compelling nature of an unconditional cash offer at a fair price."
The Offer price represents a quarter of a cent increase on the merger proposal price under the scheme of arrangement. It also represents a 39% premium to the one month volume weighted average price of 6.1 cents per share before the announcement of the proposed merger on 22 November 2010.
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.
Contact
Reg NelsonCorporate
Beach Energy Limited
Tel: +61-8-8338-2833
Chris Jamieson
Investor Relations
Beach Energy Ltd
Tel: +61-8-8338-2833
http://beachenergy.com.au
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