Beach Energy Limited (ASX:BPT) Increased Relevant Interest in Adelaide Energy (ASX:ADE) to 60.93%
Beach encourages the remaining Adelaide Energy shareholders to accept the Offer as:
- 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The Offer to Adelaide Energy shareholders will close on 22 December 2011, unless extended or withdrawn. While the Offer could be withdrawn with the consent of the Australian Securities and Investments Commission under certain circumstances, in Beach's view this is unlikely to happen.
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