JAKARTA (RambuEnergy) – Japan’s Mitsui & Co., Ltd said it has raised its stake in Australia’s oil and gas company to 51.89%, effectively becoming the majority shareholder of the company. The company raised its stakes in phases since early this year by purchasing shares held by public investors.
As Mitsui’s relevant interest in AWE has increased to more than 50%, the Offer has been automatically extended by 14 days under the Corporations Act, such that it is now scheduled to close at 7:00pm (Sydney time) on 18 April 2018.
On Feb. 5, 2018, AWE announced that it entered into a Bid Implementation Deed with Mitsui & Co., Ltd. (Mitsui) in respect of Mitsui’s proposal to acquire AWE for cash consideration of $0.95 per Share (the Mitsui Offer), to be effected by way of an off-market takeover bid.
An Independent Expert has determined that the Mitsui Offer is fair and reasonable and the AWE Board unanimously recommends that Shareholders ACCEPT Mitsui’s Offer, in the absence of a superior proposal.
AWE shareholders who have already validly accepted the Offer will receive their consideration within 7 business days. AWE shareholders who accept the Offer between now and the end of the Offer period will receive their consideration within 7 business days of their valid acceptance being received.
Mitsui has also provided written notice to Pacific Custodians Pty Limited, as the facility agent for the institutional acceptance facility, confirming that Mitsui has declared the Offer unconditional.
AWE Limited is an independent Australian energy company focused on upstream oil and gas opportunities.
Established in 1997 and listed on the Australian Securities Exchange (ASX: AWE), the company’s headquarters is in Sydney with an office in Perth. AWE has a substantial portfolio of production, development and exploration assets in Australia, Indonesia and New Zealand.
AWE has reshaped itself to operate sustainably in a low oil price environment. The company’s asset portfolio has been optimized to focus on gas in the near to medium term and is aligned with strengthening Australian domestic gas markets.
The company’s priorities center on the development of Stage 2 of the Waitsia gas project in Western Australia and securing new gas sales contracts for Casino and BassGas on the east coast at substantially higher prices.
AWE also continues to progress the Ande Ande Lumut oil project in Indonesia to ensure the project is development-ready should oil prices improve.(*)
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