TransAtlantic has agreed to further increase the consideration under its unconditional takeover offer for all of the shares in Incremental to $1.085 in cash per Incremental share. The increase will apply to all Incremental shareholders who accept the Offer, including those who accepted prior to the increase.
The directors of Incremental unanimously recommend that, in the absence of a superior offer, Incremental shareholders ACCEPT TransAtlantic's revised offer. Incremental will shortly release a Supplementary Target's Statement setting out the reasons for the directors' recommendation, which Incremental shareholders should read in detail. Those directors of Incremental who control shares in Incremental presently intend to accept TransAtlantic’s increased Offer in respect of the Incremental shares they control, in the absence of a superior offer for Incremental shares.
TransAtlantic Director, Mr. Matt McCann, said, "We are pleased that the Incremental Board has decided to support our further increased Offer, which will allow Incremental shareholders to realize an attractive and unconditional cash value for their Incremental shares in a volatile and uncertain market."
Mr Chris Cronin, Chairman of Incremental, stated, "The acceptance by Incremental's largest shareholder (Cooper Energy Limited) of TransAtlantic's increased Offer will deliver TransAtlantic effective control of Incremental. In light of this, the Incremental Board is pleased to have been able to secure a further increase to TransAtlantic's unconditional cash Offer. This will give minority Incremental Shareholders the opportunity to lock in a certain cash value for their Incremental shares in the context of the global market and commodities downturn."
TransAtlantic's previously announced acceleration of payment terms will continue to apply, meaning that Incremental shareholders who accept the Offer (at the increased price) will receive cash for their Incremental shares within 10 business days of receipt of a valid acceptance or acceptance instructions being implemented.
TransAtlantic also confirms that it will shortly make personal offers to all of the holders of options over Incremental shares for the assignment of those options to TransAtlantic for consideration of US$0.1170 per $1.20 option and US$0.1022 per $1.45 option, which is no greater than the assessed fair value for those options. All acquisitions of Incremental options will be conditional on Incremental ceasing to be included on the official list of the Australian Securities Exchange. The consideration paid to optionholders will take the form of cash, shares in TransAtlantic Petroleum Corp. at US$0.70 per share, or warrants (options) over unissued shares in TransAtlantic Petroleum Corp. at a price of US$0.25 each (or a combination thereof at the election of the optionholder, provided that no more than 50% of total consideration may take the form of warrants).
The Incremental directors have indicated to TransAtlantic that their present intention, in the absence of a superior offer, is to accept any such offer in respect of any Incremental options held or controlled by them.
TransAtlantic also announces that it intends:
TransAtlantic will shortly release a formal Notice of Variation increasing the Offer consideration, and its Third Supplementary Bidder's Statement. Incremental will shortly release a Supplementary Target's Statement with further information for Incremental shareholders. Incremental shareholders are encouraged to read all information sent to them.
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