Anzon: Independent Expert Finds Merger Offer Fair and Reasonable



On 23 January 2008, Anzon Australia Limited and Nexus Energy Limited announced their intention to merge by way of Scheme of Arrangement.

The Federal Court of Australia has today ordered the convening of a meeting of shareholders of Anzon Australia ("Scheme Meeting") to enable a vote to be taken on the proposed Merger. The Scheme Meeting will be held at 2.00pm (AEST) on 18 April 2008 at Deacons, Level 18, Grosvenor Place, 225 George Street, Sydney Australia.

Deloitte Corporate Finance Pty Limited, who was commissioned by Anzon Australia to prepare an independent expert's report on the Merger, have concluded that the Merger is fair and reasonable and therefore in the best interests of Anzon Australia shareholders.

The Boards' of each of Nexus and Anzon Australia have unanimously agreed to pursue the Merger. The Anzon Australia Board has unanimously recommended that Anzon Australia shareholders vote in favour of the resolution to approve the Merger at the Scheme Meeting in the absence of a superior proposal. In addition, the Board of Anzon Australia's parent company, Anzon Energy Limited, has unanimously agreed to vote in favour of the resolution to approve the Merger at the Scheme Meeting in respect of its 53.1% shareholding in Anzon Australia (subject to Anzon Energy shareholder approval and in the absence of a superior proposal).

Full details of the Merger, including how to vote on the resolution and a full copy of the independent expert's report, are included in the Scheme Booklet and Notice of Meeting which will be posted to all Anzon Australia shareholders in the coming week. The Scheme Booklet and Notice of Meeting will be lodged with ASX and will be available on both the Nexus and Anzon Australia websites by early next week.


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