Horizon Oil Recommends Shareholders Accept Merger with Roc Oil

Horizon Oil Limited reported Thursday that the firm and and Roc Oil Company Limited (ROC) announced April 29 that they had entered into a Merger Implementation Deed under which they agreed to merge via a Horizon Oil scheme of arrangement (Scheme). Under the proposed Scheme, Horizon Oil shareholders will receive 0.724 new ROC shares for each Horizon fully paid share they hold.

Today, the Federal Court of Australia ordered a meeting of Horizon Oil shareholders to consider the Scheme (Scheme Meeting), and approved the Scheme Booklet for despatch to Horizon Oil shareholders.

The Scheme Meeting will be held at The Sydney Boulevard Hotel, 90 William Street, Sydney at 11.00am (Sydney time) on Thursday, Aug. 7.

The Scheme Booklet has been lodged for registration with the Australian Securities and Investments Commission today, allowing despatch of the Scheme Booklet to Horizon Oil shareholders. Copies of the Scheme Booklet will be available on the ASX and the Horizon Oil website at www.horizonoil.com.au and are expected to be sent to Horizon Oil shareholders on or about Monday, July 7.

Deloitte Corporate Finance Pty Ltd was commissioned by the Horizon Oil directors to prepare an independent expert’s report in relation to the Scheme. Deloitte concluded that the Scheme is in the best interests of Horizon Oil shareholders.

The Horizon Oil directors unanimously recommend that you vote in favor of the Scheme, in the absence of a superior proposal. Each Horizon Oil director intends to vote any shares held or controlled by them in favour of the Scheme, in the absence of a superior proposal.

Please read the Scheme Booklet carefully and in its entirety as it contains important information in relation to the Scheme, and cast an informed vote at the Scheme Meeting.


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