Boustead still wants Triangle Energy’s shareholders to vote on its offer

Published on The Edge Markets (http://www.theedgemarkets.com)

Home > Boustead still wants Triangle Energy’s shareholders to vote on its offer
Dec 10, 2015   |  Written by Leu Siew Ying  |  0

SINGAPORE (Dec 10): Boustead Singapore has not agreed to the termination of an agreement with Triangle Energy (Global) to take over a natural gas concession held by the Australia-listed company.
Keith Chu, vice president for investor relations and corporate development, says the consortium Boustead formed for the bid wants Triangle Energy’s shareholders to vote on its US$3.9 million ($5.5 million) offer for its Pase Production Sharing Contract in Indonesia.
Boustead signed the agreement, which has a potential value of up US$45.3 million with Triangle Energy on Nov 9.
That same day shareholders were to meet to vote on an earlier offer with a total value of up to US$10.5 million made by PT Enso Asia, a management consultancy. Because of Boustead’s superior offer, the meeting was postponed to December 4.
On Dec 4, Triangle Energy again postponed the shareholders’ meeting saying that PT Enso had come back with a counter offer worth US$4.5 million and a potential value of up to $55.5 million that it was accepting.
Chu says the agreement the consortium signed with Triangle Energy provided for a shareholders’ meeting to decide on its offer.
“They still have to table the offer for shareholders’ review. It’s only fair for shareholders to have the ability to evaluate our offer,” he says.
As the deal has a built-in royalty payment component, Chu is confident that the consortium, with Boustead’s track record in the oil and gas industry as well as the expertise of its consortium partners, is in a strong position to deliver on the promises.
Boustead is down 1% from yesterday’s close.

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