Beach Energy Limited (ASX:BPT) Holds a Relevant Interest of 44.23 Percent in Adelaide Energy Limited (ASX:ADE)
Beach Managing Director, Reg Nelson, said: "Beach is greatly encouraged to see the support for the offer to date. We believe that with a relevant interest of 44.23 percent, it is unlikely that any counter offer will now be made for the company. We encourage remaining Adelaide Energy shareholders to sell into the Beach offer and receive cash for their shares three days after accepting the offer."
The remaining Adelaide Energy shareholders are encouraged to accept the Offer as:
- It is unlikely an alternative bid will emerge as Beach now has a relevant interest of 44.23 percent in Adelaide Energy;
- 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 second largest shareholder (after Beach) has sold into the Offer;
- 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The Offer to Adelaide Energy shareholders will close on 22 December 2011, unless extended or withdrawn.
Until that time, the remaining Adelaide Energy shareholders have the opportunity to sell into the Offer and capture value for their shareholding.
Adelaide Energy shareholders can accept the Offer 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