Forum Advises on Philex's Mandatory Cash Offer
The board of Forum announced that it is in the process of preparing a response to a mandatory cash offer made by Philex Petroleum Corporation ("PPC") to acquire the entire issued and to be issued ordinary shares of the Company which are not already owned or otherwise contracted to be acquired by PPC or any of its associates. A document containing the full terms and condition of the Offer was posted to Forum’s shareholders on 30 July 2008.
The Offer, which values each ordinary share of Forum at 48p and Forum’s entire issued share capital at approximately £13.8 million, is being made solely because PPC is required to do so under the rules of the Takeover Code following its acquisition of 4,004,000 ordinary shares of Forum on July 1, 2008.
The Board will publish its response to the Offer next week and, in the meantime, has advised Forum’s shareholders to take no action regarding the Offer until they have had the opportunity to consider the Board's response to the Offer.
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