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Armour Energy Recommends Shareholders Reject Takeover Offer from China's Landbridge Group

Source: www.gulfoilandgas.com 9/9/2015, Location: Asia

The Directors of Armour Energy have provided an update on their consideration of the unsolicited, hostile and conditional takeover bid lodged by Westside Corporation (a subsidiary of China's Landbridge Group) of 12 cents per Armour share.

Having reviewed the terms of the Offer, the Board of Armour unanimously recommends that shareholders REJECT the opportunistic and inadequate Westside Offer as it significantly undervalues the Company both in terms of its existing assets, and the potential value the company expects to deliver to its shareholders in the near future.

Executive Chairman Nicholas Mather said: 'The Offer does not reflect the current or potential value of Armourís assets and comes at a time when the Company is in the process of decisively rebuilding its business and in the context of increasing demand for gas in Australia.'

Armour is also on the verge of undertaking two value enhancing transactions which the Board believes are key in unlocking the potential which exists in Armourís asset base and Armourís position in the Australian gas market. Specifically:

- The proposed transaction with American Energy Partners (announced to the market on 20 August 2015) provides a basis to progress and add significant value to Armourís Northern Territory assets. The Company is progressing the definitive agreements for this transaction and will update the market separately on that process.
- The agreement to acquire the Roma Shelf assets from Origin Energy (announced to the market on 2 September 2015) provides a further basis for growth and future cash-flow.

Shareholders are urged to support these important initiatives.

The Board looks forward to providing further updates on these two transactions shortly.

Armour is also in the process of preparing its Targetís Statement in response to the Offer and will provide additional details to shareholders as to the Boardís recommendations, and the value enhancing transactions referred to above, in that document.

In the meantime, the Board unanimously recommends that shareholders REJECT the opportunistic and inadequate Westside Offer and take no action in respect of the documents that Westside send to you.

Armour Energy is being advised by Morgans Corporate Limited and HopgoodGanim Lawyers in respect of the Offer.

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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 

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