Beach Energy Ltd advises it now has a relevant interest in Impress Energy Ltd in excess of 75%, as Impress’s largest remaining institutional shareholder continues to sell into Beach’s 8.5 cents per share offer.
This has also been supported by a large retail shareholder selling its shareholding in Impress on Monday.
Beach announced a recommended and unconditional on-market cash offer for all of the issued and outstanding shares of Impress it did not already own on Monday, 6 December 2010.
As already advised to the market by Impress, Mr Bob Kennedy, Mr Glenn Davis and Mr Reg Nelson are now the directors of Impress. Ms Kathryn Presser and Ms Cathy Oster are now the company secretaries.
Having greater that 75% of Impress shares, Beach can now decide the outcome of any special resolution put forward to an Impress shareholders’ meeting.
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Source: Beach Energy, February 18, 2011;