L&M offer passes 90% hurdle

The offer for L&M Energy by its chairman and creditor Geoff Loudon is now unconditional, having been accepted by more than 90 percent of shareholders, allowing compulsory acquisition of remaining shares.

Loudon's New Dawn Energy has acceptance for 90.25 percent of L&M by January 15 and so it will move to compulsorily acquire remaining shares under the Takeovers Code. The offer is open until January 31.

The company made its offer in October at 6 Australian cents a share, valuing the target at $A45.3 million, winning the support of L&M's independent directors.

An independent valuation by KordaMentha put the value at between zero and 5.1 Australian cents. New Dawn has offered between 0.004 Australian cents and 5.99 cents for L&M's options.

The company holds coal seam gas exploration permits in the South Island, petroleum exploration permits in the Taranaki basin, coal prospecting permits in the North Island, and shale gas exploration permits in Southland.

(BusinessDesk)


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7280 -0.0004 -0.05%
AUD 0.9481 0.0015 0.16%
EUR 0.6491 0.0002 0.03%
GBP 0.5593 0.0008 0.14%
HKD 5.6430 -0.0022 -0.04%
JPY 73.9870 0.4700 0.64%

Commods

Commodity Price Change Time
Gold Index 1321.0 -5.860 2016-09-28T00:
Oil Brent 49.2 2.720 2016-09-28T00:
Oil Nymex 47.0 2.380 2016-09-28T00:
Silver Index 19.1 -0.050 2016-09-28T00:

Indices

Symbol Open High Last %
NZX 50 7305.4 7349.8 7290.4 0.73%
NASDAQ 5311.3 5317.0 5318.6 -0.76%
DAX 10545.6 10575.3 10438.3 -0.31%
DJI 18322.9 18366.2 18339.2 -0.63%
FTSE 6849.4 6941.1 6849.4 1.02%
HKSE 23828.6 23828.6 23619.7 0.51%
NI225 16606.3 16756.4 16465.4 1.39%
ASX 5412.4 5473.3 5412.4 1.09%