Australia's Drillsearch Energy Limited reported Wednesday that following acceptances received this week, it has increased its relevant interest in Ambassador Oil & Gas Limited to greater than 60 percent. Ambassador’s Directors have also accepted the Drillsearch Offer in respect of their own shares.
Drillsearch's Offer has been automatically extended under the Corporations Act to 7pm, Monday Sept. 8 as a result of Drillsearch acquiring a relevant interest in more than 50 percent of Ambassador.
Given Drillsearch now has a controlling interest in Ambassador, Drillsearch has nominated directors to the Ambassador Board commensurate with its shareholding.
We encourage Ambassador shareholders to ACCEPT the Drillsearch Offer NOW because:
Please refer to Drillsearch's Bidder's Statement and Supplementary Bidder's Statements for the full terms of Drillsearch's Offer. If Ambassador Shareholders have any questions in relation to the Drillsearch Offer they should contact their financial adviser or contact the Drillsearch Offer Information Line on 1300 365 790 (for calls made within Australia) or +61 1300 365 790 (for international callers) between 8.30am and 5.30pm (Sydney time) Monday to Friday.
*Based on the Drillsearch share price of $1.42368 (AUD 1.53) on Aug. 26 and the Magnum Hunter share price of $6.34608 (AUD 6.82) on Aug. 26
^Please refer to section 9.4 of Drillsearch's Bidder's Statement for further information
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