Raising Senex’s Interest in Stuart to More Than 30%

Source: www.gulfoilandgas.com 3/1/2011, Location: Not categorized

The Directors of Stuart Petroleum Limited (Stuart) accepted into the off-market takeover offer (Offer) by Senex Energy Limited (Senex), raising Senex's relevant interest in Stuart to more than 30 per cent.

Senex Managing Director Ian Davies said the Directors' decision to accept the Offer was great news for both companies.

"The Stuart Directors' decision confirms that this is a win-win transaction. For Stuart shareholders, it represents a very attractive premium in the short-term and an excellent opportunity to share in the growth of the combined business.

"By merging the two companies, we will create a substantial oil and gas business with an impressive grip on the South Australian Cooper Basin, as well as a strong position in Queensland's growing gas industry," he said.

Senex has previously entered into a pre-bid acceptance agreement with Stuart's largest shareholder, Mr David Clarke, who is a Director of the company, for a 19.9 per cent relevant interest in Stuart's issued capital.

Today's decision by the remaining Stuart Directors to accept the Senex Offer increased the company's relevant interest in Stuart by over 10 per cent to 30.3 per cent.

Stuart's Target Statement was released to the ASX on 28 February 2011, and recommends that Stuart shareholders accept the Senex Offer in the absence of a superior proposal. Stuart shareholders have until 5:00pm (Brisbane time) on 29 March 2011 to accept the Offer, unless extended or withdrawn.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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