Bridge Energy ASA Bridge Energy Asa: Offer By Spike Exploration Holding As And Statement By The Board Of Bridge
October 04 2013 - 1:42AM
UK Regulatory
TIDMBRIDGE
4(th) October 2013
Bridge Energy ASA
("Bridge", "Group" or "the Company")
Offer by Spike Exploration Holding AS and statement by the Board of
Bridge
Bridge, the Oslo Børs and AIM listed oil and gas exploration and
production company (OSE: BRIDGE/AIM:BRDG.L), refers to the voluntary
offer ("the Offer") made by Spike Exploration Holding AS ("Spike") to
acquire the entire share capital of Bridge against a consideration in
cash of NOK 15.25 per share ("the Offer Price").
On 16 September 2013, Spike announced its intention to launch the Offer
which was unanimously recommended by the Bridge Board of Directors ("the
Board").
Further to the announcement of 16 September 2013, Spike launched the
Offer through an offer document dated 3 October 2013 (the "Offer
Document"), which has been submitted to the shareholders of Bridge. The
acceptance period of the Offer commenced today, 4 October 2013, and will
end on 18 October 2013 at 16:30 hours (CET), subject to extensions. The
Board has in this respect issued its statement pursuant to section 6-19
cf. 6-16 of the Norwegian Securities Trading Act recommending its
shareholders to accept the Offer. A copy of the Board recommendation is
attached to this announcement.
It should be noted that pursuant to clause 3.5 of the Offer Document
regarding procedures for accepting the Offer that shareholders who own
shares registered in the names of broker's banks, investment companies
or other nominees, must contact such persons to accept the Offer.
Pursuant to the Offer Document and fulfilment or waiver of the
conditions therein, settlement is expected to take place during November
2013.
In addition to the Board recommendation, the Offer received
pre-acceptances from shareholders holding approximately 62% of the total
issued and outstanding shares of Bridge. On 29 September 2013, Spike
entered into a conditional share purchase agreement for the acquisition
of 17,849,284 Bridge shares from the Province of Alberta by its manager
Alberta Investment Management Corporation ("AIMCo) for a cash
consideration equalling the Offer Price. The shares to be acquired
represent approximately 28.14% of the outstanding shares in Bridge. The
previously announced Offer pre-acceptances of 62% included the AIMCo
shareholding.
Furthermore, Spike has today announced that they have acquired an
additional 3,209,200 Bridge shares (representing approximately 5.06 per
cent of the outstanding shares and votes in Bridge), and that they
thereby hold shares and rights to shares in Bridge equal to 66.74% of
the outstanding shares and votes in the Company.
- Ends -
For further information, please contact:
Bridge Energy
Tom Reynolds, Chief Executive
tom.reynolds@bridge-energy.com
Aberdeen +44 1224 659 120
Euan Tait, Corporate Development
euan.tait@bridge-energy.com
Aberdeen +44 1224 659 120
Cenkos Securities
Jon Fitzpatrick +44 207 397 1951
Neil McDonald +44 131 220 9771
FTI Consulting
Edward Westropp/Natalia Erikssen +44 20
7831 3113
Edward.Westropp@fticonsulting.com
Statutory guidance statements
This information is subject to disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act.
Notes to Editors
Bridge Energy is an oil and gas exploration and production company which
holds production licences in the UK (North Sea) Continental Shelf and
exploration assets in both the UK and Norwegian Continental Shelves. The
company is listed on the Oslo stock exchange (OSE: BRIDGE) and the
London stock exchange (AIM: BRDG.L).
The Company has a significant number of licences both within the UK and
NCS, including several operatorships. Bridge has drilled 18 exploration
and appraisal wells, including ten discoveries.
Underpinned by existing production from its operated Victoria field,
non-operated Duart field, non-operated Boa field, Bridge boasts a high
impact exploration portfolio with a strong inventory of undeveloped gas
discoveries which represents a sustainable business platform for
production and exploration growth in the North Sea.
For more information please visit: www.bridge-energy.com
This information is subject of the disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act.
Recommendation from the Board of Directors:
http://hugin.info/143039/R/1733628/580495.pdf
This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: Bridge Energy ASA via Thomson Reuters ONE
HUG#1733628
http://www.bridge-energy.no/
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