Anzon and ARC Halt Trading While Negotiating Merger Terms
Anzon Energy says that its subsidiary Anzon Australia and ARC Energy are currently negotiating the final terms of a proposed merger of the companies and both have requested a trading halt in the shares of the two ASX-listed companies for a period of two days while negotiations are finalized.
The proposed merger remains subject to the agreement of final outstanding terms and execution of a merger implementation deed. An agreement to proceed with the merger will conclude Anzon Australia’s strategic review process announced on September 17, 2007. Anzon Australia received a number of proposals and has elected to pursue the Merger with ARC on an exclusive basis.
In accordance with Listing Rule 17.1, Anzon Energy's subsidiary, Anzon Australia requested a trading halt on ASX with immediate effect for its securities pending a further announcement, which is expected to be made by Anzon Energy's subsidiary prior to the commencement of trading on ASX on 24 October 2007.
The trading halt on ASX was requested pending an announcement regarding the final outcome of merger negotiations with Arc Energy Limited (ASX:ARQ) and has no effect on the trading in shares in Anzon Energy on AIM. The shares in Anzon Energy will continue trading on AIM as normal.
This trading halt in Anzon Australia has taken effect as of October 22, 2007 and will remain in place until the earlier of the commencement of normal trading on Wednesday, October 24, 2007, or when the above announcement is released to the market.
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