"Arrow’s Chief Executive Officer and Managing Director, Mr Nick Davies stated: “In weighing up our options, we concluded that the level of BG’s bid had risen to a point where more value can be achieved for Arrow shareholders by accepting BG’s offer and investing these funds elsewhere."
"Arrow’s acceptance of BG’s bid will conclude a very successful investment in Pure. Taking into account the break fees payable by Pure, Arrow will receive cash proceeds of over $215 million and realise a profit of approximately $200 million from our investment in Pure. BG’s offer for Pure highlights the strategic value of CSG reserves in Queensland. Receipt of these sale proceeds will take our cash reserves to over $700 million and will assist Arrow to mature the 70 Trillion Cubic Feet (TCF) of gross resources on the 80,000 km2 of CSG tenements in which we currently hold an interest and to consider other acquisition and investment opportunities."
Queensland still seems to be the state of choice for these acquistions however. Closer to the coast and other infrastructure.
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