Beach Petroleum Limited (ASX:BPT)
Adelaide, June 1, 2009 AEST (ABN Newswire) - Beach Petroleum Limited (ASX:BPT)(PINK:BEPTF) advises that it has made an application to the Takeovers Panel in respect of its proposed takeover bid for Drillsearch Energy Limited (Drillsearch).
The application results from concerns arising from a letter on Drillsearch letterhead from Mr Jim McKerlie, a director of Drillsearch making statements about the Beach offer for Drillsearch and an undated message sent by Mr Philip Kelso to Drillsearch shareholders. Those concerns are that statements made by Mr McKerlie and Mr Kelso may confuse or mislead Drillsearch shareholders about Beach's proposed offer.
In addition, Beach as a shareholder of Drillsearch is concerned that all Drillsearch shareholders and the market be fully informed about the issues concerning the announcement by Drillsearch on 26 May 2009 of the adjournment until 31 July of its general meeting to be held on 10 June 2009 to remove five directors. Beach has sought to be joined to proceedings brought by Mr McKerlie in the NSW Supreme Court against Drillsearch and others alleging that the adjournment of the meeting was not validly made and the meeting must go ahead on 10 June. Beach also is bringing its own application under s1324 of the Corporations Act to ensure its concerns are heard. Beach is concerned that the court be fully aware of the fact that shareholders are not properly informed as to its bid and that the board spill appears designed to frustrate the bid. Beach is concerned that the meeting go ahead at a time when shareholders are fully informed of all information they need to vote in favour or against the Drillsearch general meeting agenda items.
Further information in relation to Beach's applications to the Takeovers Panel and the NSW Supreme Court will be advised in due course.
Contact
Reg Nelson
Managing Director, FAusIMM
Tel: +61-8-8338-2833
Fax: +61-8-8338-2336
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