BG Group Ready to Clinch Deal for Pure Energy



BG Group announced that its takeover offer for Pure Energy Resources Limited is currently scheduled to close at 7.00 pm (Sydney time) on Monday, March 23, 2009.

Following the close of the offer for Pure by Arrow Energy Limited on March 13, 2009, BG Group's Offer is now the only offer open for acceptance by Pure shareholders.

BG Group now has a relevant interest in approximately 36% of Pure shares. Royal Dutch Shell, which has an interest in approximately 11% of Pure, announced on March 3, 2009 that it intends to accept BG Group's Offer for Pure, in the absence of a superior offer.

BG Group announced on February 27, 2009 that it will increase its offer price from A$8.00 to A$8.25 per Pure share if it has acquired a relevant interest in 90% or more of Pure's ordinary share capital by the close of BG Group's offer period. BG Group's conditional offer price of A$8.25 is final, in the absence of a superior proposal.

Pure shareholders who sell their Pure shares on-market may incur brokerage charges and will not be entitled to receive the higher price of A$8.25 per share, should it become payable.

Pure's independent directors have unanimously recommended that Pure shareholders accept BG Group's Offer and have further advised that Pure's share price is likely to fall if BG Group's Offer is not successful.

Payment terms

BG Group will despatch a payment of A$8.00 per share to all accepting Pure shareholders within 5 business days of the receipt by BG Group of a valid acceptance. If BG Group acquires a relevant interest in 90% of Pure's ordinary share capital by the close of the offer period, an additional payment of A$0.25 per share will be despatched to all Pure shareholders who have accepted into BG Group's Offer.

 


 


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