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.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Parent, widow of Pike River casualties fail to force review of decision to drop charges against Whittall
- Joyce associates openly talking about leadership change
- iPredict decision the work of 'officious aliens' – Crampton
- Scentre Group to sell three Westfield malls to NZ firms for $549m
- Editor’s Insight: New complex caps strong year for cinemas
Most listened to
- Tim Hunter on why Veritas is doing it the hard way
- Matthew Hooton on whether Steven Joyce will be the next national leader
- Rodney Hide on why all city planners should be fired
- Nevil Gibson discusses his latest Editor's Insight on films
- The NBR crew throw around some of the week's top stories
- Rob Hosking breaks down the political and economic week that was
- "A tragedy" - David Farrar on his disappointment with Simon Bridges
- New F&P product pipeline exciting, says Macquarie senior investment adviser Brad Gordon
- Taupo Motorsport Park executive director Tony Walker on the park's rebranding
- NZIER senior economist Christina Leung on why she does not think the OCR will hit 2%
- NBR's Cameron Officer talks about the NBR Car of the Year 2015
- John Barnett on Brewer: ‘Boy, has he got a bit to learn’