Metgasco fields offer from Melbana
PERTH (miningweekly.com) – ASX-listed Metgasco on Monday urged shareholders not to take any action around an unsolicited conditional takeover offer from fellow-listed Melbana Energy.
Melbana has announced plans to make an all-scrip conditional takeover offer for Metgasco, under which it would offer four of its own shares for every one Metgasco share held.
The offer implied a value of 4c a share for Metgasco, which represented a premium of 48% to the company’s closing price on July 12, and a 35% premium to its five-day volume weighted average share price since Metgasco’s announcement to plug and abandon the South Marsh Island well, in the Gulf of Mexico.
Metgasco in 2018 struck an agreement with Byron Energy to farm-in to the South Marsh Island block, gaining a 30% interest in the project area in return for 40% of the funding cost for an initial test well.
Melbana noted that the offer would be subject to a number of conditions, including a 50.1% minimum acceptance, as well as shareholder approval.
Metgasco told shareholders that it would confer with Melbana and its own key stakeholders, and would engage with other interested parties to ensure that shareholders were fully informed, and that a comprehensive response could be made.
Metgasco at the end of 2015 accepted a A$25-million offer from the New South Wales government to withdraw from its exploration licences in the region, as well as from litigation with the government, after the state government in 2014 suspended Metgasco’s drilling programme.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...
VISIT SHOWROOM
M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
