Follow us:
Subscribe to our newsletter

logo

  • News
  • Projects
  • Business and Finance
  • Innovation
  • Products and Services
  • Events
  • Online Magazine
  • Advertise
  • Contact
Home
  • News
  • Projects
  • Business and Finance
  • Innovation
  • Products and Services
  • Events
  • Online Magazine
  • Advertise
  • Contact
Quotes by TradingView

Melbana advises conditional intention to make a takeover bid for Metgasco

16 Jul, 2019
432



Melbana Energy Limited (Melbana) has announced its conditional intention to make a takeover offer (Offer) for 100 per cent of the ordinary shares in Metgasco Limited (Metgasco and Metgasco Shares).

On Monday 15 July Melbana advised that the Offer to Metgasco shareholders, if made, will be an all-share offer under which Melbana will offer Metgasco shareholders 4 fully paid ordinary shares in the capital of Melbana (Melbana Shares) for every 1 ordinary Metgasco Share held.

The implied value of the Offer consideration is $0.04 cents per share (Implied Value), which represents a premium of 48 per cent to the closing price of Metgasco Shares of $0.027 on 12 July 2019; and 35 per cent to the volume-weighted average price (VWAP) of Metgasco Shares from the 5 trading days since the date on which Metgasco announced the plugging and abandonment of the South Marsh Island 74 D-14 Well.

The Implied Value represents a discount to the 1 and 3-month VWAP of Metgasco Shares prior to the date of the announcement, which includes the period prior to the date of the SM74 D-14 Abandonment Announcement, of 4.1 per cent and 8.5 per cent respectively.

However, the Offer will be conditional upon a 50.1 per cent minimum acceptance condition; and the receipt of Melbana shareholder approval.

Additionally, M&A Advisory Pty Ltd (being a Metgasco shareholder associated with a director of Melbana, Andrew Purcell) can participate under the Offer (or a waiver of that requirement or confirmation shareholder approval is not required), together with certain other conditions, each of which are detailed in the release.

Melbana is expected to make the necessary ASX waiver application in respect of the condition regarding M&A Advisory’s participation under the Offer and, if necessary, convene a meeting of Melbana shareholders reasonably promptly so that, if the Offer is made, the condition will be satisfied prior to the close of the Offer.

As a response, Metgasco has thanked Melbana for its interest and states that it will now take the opportunity to confer with all key stakeholders.

Related Articles

activities

Natural gas energises Western Australia to another budget surplus

M&A deal activity in the oil and gas industry declined by 41% in Q1 2022

Digitalization in Oil and Gas, Canada

8th Annual IoT in Oil & Gas Conference

Comments

Leave a comment Cancel reply

You must be logged in to post a comment.

all news all projects

Latest Posts

  • Latest News
  • Latest Projects
16 Jun

Microfossils provide clues about Australia’s petroleum potential

15 Jun

AEMO makes unprecedented decision to suspend energy market

15 Jun

Wage rises to be felt, but lack of skilled workers a bigger issue

15 Jun

Sanctions weaken oil and gas construction pipeline in Eastern Europe

15 Jun

WA-designed offshore inspection system pushes frontier of robotics

17 Jun

Esso Australia starts technical tender for Bass Strait decommissioning

17 Jun

Study to check feasibility of turning Torrens Island into a hydrogen hub

17 Jun

AXP energy boosts production with low-cost well re-completion in the US

15 Jun

bp to lead and operate WA renewables and green hydrogen energy hub

15 Jun

Partners to develop offshore renewable green hydrogen production

Online Magazine

    Current Cover
  • Login
  • Subscribe

Subscribe

Subscribe to our newsletter or print magazine

Our Titles

  • Home
  • Contact Us
  • Terms and Conditions
  • Privacy
© Sage Media Group 2022 All Rights Reserved.
×
Authorization
  • Registration
 This feature has been disabled
 This feature has been disabled until further notice, however you may still register
×
Registration
  • Autorization
Register
* All fields required