BG Group acquires majority control of Pure
Posted: 23 March 2009
BG Group reported that its wholly-owned subsidiary, BG International (AUS) Pty Limited (BG AUS), has now acquired a relevant interest in 70 per cent of the ordinary share capital of Pure Energy Resources Limited under its recommended all cash takeover offer for Pure.
BG Group is now the majority shareholder in Pure.
On 27 February 2009, BG Group announced that it would increase its offer price from A$8.00 to A$8.25 per share, on the condition that BG Group acquires a relevant interest in 90 per cent of Pure's ordinary share capital by the close of BG Group's Offer period. BG Group's Offer is the only offer open for acceptance by Pure shareholders.
Pure's independent directors, who have already accepted BG Group's Offer in respect of their own shareholdings, have advised that BG Group's Offer is highly attractive and in the best interests of Pure shareholders. The independent directors unanimously recommend that Pure shareholders accept BG Group's Offer.
Automatic Extension of Offer Period
BG Group's Offer was originally scheduled to close at 7.00 pm (Sydney time) on 23 March 2009. As a result of BG AUS becoming the majority shareholder in Pure, BG Group's offer period has been automatically extended so that it will now close at 7.00 pm (Sydney time) on 6 April 2009.
Payment terms
BG Group will despatch a payment of A$8.00 per share to all accepting Pure shareholders within 5 business days of the receipt by BG Group of a valid acceptance. If BG Group acquires a relevant interest in 90 per cent of Pure's ordinary share capital by the close of the BG Group Offer period, an additional payment of A$0.25 per share will be despatched to all Pure shareholders who have accepted into BG Group's Offer.
Pure shareholders with questions relating to BG Group's Offer can call the BG Group Offer Information Line on 1800 135 831 (toll-free within Australia) or +61 2 8268 3679 (for callers from outside Australia).
Posted by Richard Price, Editor, EnergyME.com
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