Beach Energy Ltd announced on 6 December 2010 a recommended and unconditional on-market cash offer of 8.5 cents per share for all of the issued and outstanding shares of Impress Energy Ltd it did not own. Beach gained majority control of Impress on 14 December 2010 and has increased its relevant interest in Impress to above 70 percent.
The Offer to Impress shareholders will close on 21 February 2011 and will not be extended.
At the close of the Offer, and in accordance with the intentions stated in the Bidder’s Statement, Beach will, if it is entitled to a relevant interest in Impress of at least 90 percent, compulsorily acquire the outstanding shares.
Beach will also request that Impress immediately consider an application to be removed from the official list of the ASX, subject to any required approvals on the part of the ASX, following the close of the Offer.
The largest remaining retail shareholder has now sold in to the Offer. All remaining Impress shareholders can accept the Offer by instructing their broker to sell their shareholding to Beach through its broker for the Offer, Euroz Securities Limited.
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Source: Beach Energy, February 4, 2011;