88 Energy Limited XCD Energy Takeover Update (1001S)
06 Luglio 2020 - 08:29AM
UK Regulatory
TIDM88E
RNS Number : 1001S
88 Energy Limited
06 July 2020
6 July 2020
88 ENERGY LIMITED
XCD ENERGY - TAKEOVER UPDATE
-- 88 Energy ownership in shares and options of XCD Energy Ltd
provides certainty of compulsory acquisition
88 Energy Limited (ASX: 88E; AIM: 88E) ("88 Energy") is pleased
to advise that it has now reached a level of ownership in shares
and options of XCD Energy Ltd that guarantees it will reach the
minimum threshold required for compulsory acquisition.
Consequently, the offer period will not be extended beyond 13th
July.
Those that wish to benefit from the 7 day accelerated payment
terms should accept into the offer immediately or risk a delay of
up to approximately 50 days to receive the consideration shares
under the compulsory acquisition timetable.
HOW TO ACCEPT THE OFFERS
88 Energy urges all XCD Energy shareholders and listed
optionholders who have not yet accepted the Offers made to them to
ACCEPT WITHOUT DELAY and take advantage of the accelerated payment
terms to become an 88 Energy shareholder.
The Offers are now scheduled to close at 7.00pm (Sydney time) on
13 July 2020.
THE OFFER PERIOD WILL NOT BE EXTENDED.
Acceptance forms have been provided to XCD Energy listed
securityholders. Securityholders who hold their XCD Energy shares
and/or listed options through CHESS can instruct their broker to
accept the Offers on their behalf.
If you have any queries in relation to how to accept the Offers
or any other matter pertaining to the Offers, please do not
hesitate to contact the 88 Energy Offer Information Line on 1300
095 745 (within Australia) or +61 3 9415 4300 (from outside
Australia).
ACCELERATED PAYMENT TERMS
As previously announced, 88 Energy confirms that any XCD Energy
shareholders and listed option holders who are yet to validly
accept the Offers made to them will be issued with their 88 Energy
shares within 7 business days of their acceptance being
processed.
BEST AND FINAL OFFERS
88 Energy notes its Offers of:
-- 2.4 new 88 Energy shares for every 1 of your XCD Energy shares; and
-- 0.7 new 88 Energy shares for every 1 of your XCD Energy listed options,
are 88 Energy's BEST AND FINAL OFFERS which will not be
increased.
88 ENERGY INTENTIONS REGARDING COMPULSORY ACQUISITION
When 88 Energy acquires a relevant interest in XCD Energy of 90%
or more, 88 Energy intends to proceed with compulsory acquisition
of any outstanding XCD Energy shares and listed options under Part
6A of the Corporations Act. When this occurs, XCD Energy security
holders who have their XCD Energy shares and listed options
acquired compulsorily will NOT be eligible for accelerated payment
terms.
This announcement has been authorised by the Board of 88
Energy.
-ENDS-
For further information, please contact:
Dave Wall Longreach Capital (Adviser to the
Managing Director Transaction)
88 Energy Ltd Darren Martin
Tel: +61 412 144 719
Media and Investor Relations:
88 Energy Ltd
Dave Wall, Managing Director Tel: +61 8 9485 0990
Email: admin@88energy.com
Finlay Thomson ,
Investor Relations Tel: +44 7976 248471
Cenkos Securities Cenkos Securities Tel: + 44 131 220 6939
Neil McDonald/Derrick Lee
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END
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