ARROW TAKEOVER ON TARGET

Written on the 13 April 2010

ARROW TAKEOVER ON TARGET

ARROW Energy Limited (AOE) is one step closer toward takeover after it recommended shareholders back a $3.44 billion deal from Royal Dutch Shell and PetroChina, after a 5.6 per cent rise on the previous offer.

If shareholders agree to the scheme they will be given $4.70 per share plus a stake in new entity Dart Energy Limited, to be listed on the ASX after a demerger of 90 per cent of international assets.

Dart Energy will be led by the current Arrow management team and will also include the company’s 21 per cent stake in Apollo Gas Limited (AZO), a 7.5 per cent stake in Liquefied Natural Gas Limited (LNG) and 1.4 per cent in Bow Energy Limited (BOW).

Arrow Energy chairman John Reynolds, says the transaction ‘crystallises’ the value of the company’s Queensland assets, which have matured through rigorous execution of its business strategy.

“In addition, we are creating an exciting opportunity for Arrow Energy shareholders to continue to participate in a portfolio of earlier-stage development assets in Australia and the broader Asian region,” says Reynolds.

“That company will be led by the same management team that successfully grew Arrow Energy into a major Australian energy company.”

CEO Nick Davies (pictured), says Dart has the opportunity to become a leading coal seam gas company, given its portfolio of assets and a strong funding position.

“The existing portfolio of assets and additional opportunities we have in the pipeline provide a great platform to replicate our Queensland success,” says Davies.

“We look forward to continuing the journey with existing Arrow Energy shareholders.”

Scheme booklets are expected to be sent out in early June, with the implementation of the acquisition expected early August.


Latest News

PETER BEATTIE: WE CAN TURN A $1B 'PROFIT' ON COMMONWEALTH GAMES IF BUSINESS GETS ON BOARD

PLAYING host to a major sporting event is often regarded as a guaranteed way to lose money, but the 'face'...

SUPERLOOP BREAKS NEW GROUND TO LAUNCH LATEST FIBRE NETWORK

SUPERLOOP'S already vast fibre cable network just got bigger through the addition of TKO Express, the only fib...

SA GOVERNMENT APPOINTS ESCAPENET TO DELIVER ULTRA HIGH-SPEED INTERNET

THE South Australian government has appointed Adelaide business EscapeNet to deliver a $7.6 million ultra high-spe...

CAIRNS COUPLE DIVE INTO THE SHARK TANK AND CONVINCE FELLOW 'BOATIE' GLEN RICHARDS TO WORK WITH THEM

THEY'RE a husband and wife team with an invention that can help save the Great Barrier Reef, and lives, and Pe...

Related News

CAIRNS COUPLE DIVE INTO THE SHARK TANK AND CONVINCE FELLOW 'BOATIE' GLEN RICHARDS TO WORK WITH THEM

THEY'RE a husband and wife team with an invention that can help save the Great Barrier Reef, and lives, and Pe...

DOWNER EDI GRABS MORE THAN 50 PER CENT STAKE IN HOSTILE TAKEOVER TARGET SPOTLESS

DOWNER EDI Limited (ASX: DOW) now holds more than 50 per cent of Spotless Group Holdings Limited's (ASX: SPO) sha...

STRUGGLING TEN NETWORK IS 'CASH POSITIVE' AND CAN BE SAVED, ADMINISTRATOR SAYS

THE ADMINISTRATORS of the Ten Network say the struggling broadcaster has cash to continue operating and have also ind...

METCASH NET PROFIT FALLS 20 PER CENT, ANNOUNCES CEO WILL STEP DOWN IN 2018

FOOD and grocery giant Metcash has announced its full year net profit has fallen more than 20 per cent and its CEO Ia...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter