It is currently envisaged that if an offer is made it will be in cash with a share alternative. Shareholders who hold over 25 percent. of Energy Africa and who are non-residents of South Africa have indicated that they would accept new Tullow shares in exchange for their Energy Africa shares. A substantial part of the cash element of the offer consideration would be financed by a new debt facility with the balance through new equity.
The Board of Tullow currently considers the possible acquisition to be classified as a reverse takeover pursuant to The Listing Rules of the UK Listing Authority and Irish Stock Exchange and therefore, in accordance with The Listing Rules, the Company has requested that the listing of its ordinary shares be suspended temporarily.
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