News: PEA Pacific Energy Says PEA Board Recommends $0.975 Scheme Proposal From QIC

July 24 (Reuters) - Pacific Energy Ltd (PEA) :

• PEA BOARD RECOMMENDS $0.975 SCHEME PROPOSAL FROM QIC
• INTENDS TO DECLARE AND PAY A FULLY- FRANKED FINAL DIVIDEND OF $0.015 PER SHARE
• CO ENTERED INTO A SCHEME IMPLEMENTATION DEED WITH QGIF SWAN BIDCO PTY LTD TO ACQUIRE PACIFIC ENERGY
• SCHEME VALUES PACIFIC ENERGY EQUITY AT $422 MILLION AND AN IMPLIED ENTERPRISE VALUE OF $487 MILLION
• NO EXPECTED CHANGES TO LEADERSHIP OF PACIFIC ENERGY FROM PROPOSED SCHEME
• PACIFIC ENERGY -DIRECTORS OF PACIFIC ENERGY UNANIMOUSLY RECOMMEND SCHEME AND HAVE EACH CONFIRMED THAT THEY INTEND TO VOTE ALL OF PACIFIC ENERGY SHARES
• CO MAY ALSO DECLARE AND PAY A SPECIAL DIVIDEND BEFORE IMPLEMENTATION DATE OF SCHEME

Source text http//reut.rs/30QS33V

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