Acorn Minerals PLC Conditional agreement to acquire Gulf Energy (2716F)
April 23 2014 - 1:00AM
UK Regulatory
TIDMACO
RNS Number : 2716F
Acorn Minerals PLC
23 April 2014
Acorn Minerals Plc
("Acorn" or "the Company")
Conditional agreement to acquire Gulf Energy Limited
The board of Acorn (LSE: ACO), admitted to the Standard listing
segment of the Official List and to the Main Market of the LSE, is
pleased to announce that it has reached a conditional agreement
with shareholders in Gulf Energy Limited ("Gulf") holding in the
aggregate above 99% of the ordinary share capital in Gulf in issue
as part of a broader offer to acquire the entire issued share
capital of Gulf ("Acquisition"). Gulf is an oil and gas exploration
and extraction company incorporated in Australia, and holds the
rights to a licence over approximately 15,500 sq km in the Gulf of
Carpentaria, offshore Queensland.
Completion of the Acquisition is conditional on, amongst other
things, due diligence, the approval of the Acquisition by Acorn's
shareholders in general meeting and, given that the Acquisition is
proposed to be effected by way of share-for-share consideration and
the shareholding levels in Acorn that are expected to arise as a
result, a waiver from the UK Takeover Panel in relation to Rule 9
of the Takeover Code.
The Acquisition is anticipated to constitute a reverse takeover
in accordance with Listing Rule 5.6. Accordingly, trading in the
Company's ordinary shares of 2p each will be suspended with effect
from today pending the publication of a prospectus by the Company,
following completion of the Acquisition, and the readmission of the
Company as enlarged by Gulf to the Standard listing segment of the
Official List and to the Main Market of the LSE, or alternatively,
an announcement that the Acquisition is no longer proceeding.
It should be noted that whilst a conditional agreement has been
reached in respect of the Acquisition, there can be no certainty
that the Acquisition will be completed successfully.
For further information please contact:
Anthony Brennan, Executive Chairman, +618 9322 5944
http://www.acornminerals.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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