Adelaide, Oct 3, 2006 AEST (ABN Newswire) - On 6 September 2006 Beach Petroleum Limited (ASX: BPT)(PNK: BEPTF) announced that it would be undertaking a pro-rata entitlement issue to its shareholders as a part of the funding arrangements for its acquisition of the Delhi Petroleum Group.
Beach today lodged with Australian Securities and Investments Commission (ASIC) a prospectus for a renounceable rights issue of two new shares for every seven shares held by Beach shareholders at an issue price of A$1.39 per new share to raise approximately A$247 million.
The Offer
Beach is making a renounceable rights issue of new shares on a two for seven basis to eligible holders of shares who are registered as at close of business on 11 October 2006. The issue is being offered to eligible shareholders at a price of A$1.39 per new share. Fractional entitlements to new shares will be rounded up to the nearest whole number. The total number of new shares to be allotted will be approximately 178 million.
The gross proceeds (before costs) of the issue will be approximately A$247 million.
The issue is jointly underwritten by Euroz Securities Ltd and Commonwealth Securities Ltd.
There is no minimum subscription.
The closing date and latest time for acceptance and payment is 5.00pm (Adelaide time) on 31 October 2006.
Purpose of the Issue
The money raised by the issue will be used to repay part of the debt financing used by Beach to acquire the Delhi Petroleum Group.
Summary of Important Dates
- Lodgement of prospectus with ASIC: 3 October 2006
- Shares quoted ex-rights and rights trading commences on ASX: 5 October 2006
- Record date to determine entitlements to rights: 11 October 2006
- Prospectus despatched with entitlement and acceptance form by: 17 October 2006
- Last day of rights trading: 24 October 2006
- Last date for acceptance and payment in full: 31 October 2006
- Expected allotment of new shares and entry of new shares to uncertificated accounts: 8 November 2006
- Latest date for allotment of new shares and sending shareholder statements for new shares: 15 November 2006
Prospectus
A copy of the prospectus will be sent to all Beach shareholders with registered addresses in Australia, New Zealand and Hong Kong. The offer is not being extended to, and new shares will not be allotted to, shareholders with registered addresses which are outside Australia, New Zealand or Hong Kong.
Eligible Beach shareholders who wish to exercise their rights to acquire new shares or otherwise trade their rights will need to complete the application form that accompanies the Prospectus.
Contact
Kevin Skinner
Senior Consultant
FIELD PUBLIC RELATIONS
231 South Road
MILE END SA 5031
Tel: (08) 8234 9555
Fax: (08) 8234 9566
Mob: 0414 822 631
kevin@fieldpr.com.au
| ||
|
