BG Group Snaps Up 90% Interest in Pure Energy Resources
BG Group announced that its wholly-owned subsidiary, BG International (AUS) Pty Limited, has now acquired a relevant interest in 90.93% of the ordinary share capital of Pure Energy Resources Limited under its recommended all cash takeover offer for Pure.
Pure's board of directors has agreed to the appointment to the Pure Board of three directors nominated by BG Group with effect from March 25, 2009. On the same date, Dr. Robert Day, Mr. Terrence Primeau and Mr Andrew Purcell will retire from the Pure board.
Offer price increased to A$8.25 a share
As BG Group has now acquired a relevant interest in more than 90% of Pure's ordinary share capital, its offer price will be increased from A$8.00 to A$8.25 per Pure share.
Pure shareholders who have already accepted BG Group's Offer of A$8.00 a share will receive an additional payment of A$0.25 per share, which will be despatched within 5 business days. Pure shareholders who accept BG Group's Offer after today will have their payment of A$8.25 per share despatched within 5 business days of the receipt by BG Group of a valid acceptance.
Close of offer period and compulsory acquisition
BG Group's offer period has been automatically extended so that it will now close at 7.00 pm (Sydney time) on April 6, 2009.
BG Group intends to issue compulsory acquisition notices before the close of the Offer.
Pure shareholders who do not accept BG Group's Offer will have their shares compulsorily acquired. In accordance with time periods specified under the Corporations Act, compulsory acquisition will involve a delay in payment to Pure shareholders of approximately six weeks.
BG Group encourages all Pure shareholders that have not yet done so to accept BG Group's Offer immediately to avoid compulsory acquisition and delayed payment.
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