BEACH LAUNCHES UNCONDITIONAL CASH TAKEOVER OFFER FOR ADELAIDE ENERGY ? Beach launches an unconditional 20 cents per share on-market cash takeover offer for Adelaide Energy ? This offer values Adelaide Energy at $94 million ? The takeover offer represents a significant premium of: 51.5% to the one month VWAP of Adelaide Energy shares; and 42.9% to the last trading price of Adelaide Energy shares on 4 November 2011 ? Adelaide Energy shareholders can sell into the on-market offer immediately and receive cash for their shares in three working days (T+3 basis) Beach Energy Ltd (ASX: BPT, “Beach”) announces an unconditional on-market cash offer of 20 cents per share (“Offer”) for all of the issued and outstanding ordinary shares of Adelaide Energy Ltd (ASX: ADE, “Adelaide Energy”) that it does not already own. Beach currently owns 19.95% of Adelaide Energy. Beach has instructed its broker, Macquarie, to purchase at the Offer price, every Adelaide Energy share which it does not already own and for sale during the Offer period, which commences from the date of this announcement to the close of trading on the Australian Securities Exchange (“ASX”) on 22 December 2011, unless extended or withdrawn. The Offer provides an opportunity for Adelaide Energy shareholders to receive a significant 51.5% premium to the one month and three month Volume Weighted Average Price (“VWAP”) of $0.132 per Adelaide Energy share. Beach believes that the Offer is compelling as it will deliver Adelaide Energy shareholders that accept: ? The immediate certainty of cash, three days after their acceptance of the Offer; ? The avoidance of further dilution due to future funding and capital investment requirements; ? The potential to exit a relatively illiquid investment; and ? A significant premium to a share price that has not closed above its 20 cents per share listing price.
CTP Price at posting:
25.5¢ Sentiment: Buy Disclosure: Held
