From Santos's Half yearly report released to day Post Balance...

From Santos's Half yearly report released to day

Post Balance Day Events
The following events occurred subsequent to 30 June 2011, the financial effects of which have not been brought to account in the half-year financial report for the six months ended 30 June 2011:
> On 18 July 2011, Santos announced that it reached binding agreements to acquire 100% of the outstanding ordinary shares in Eastern Star Gas Limited (?ESG?) via a recommended Scheme of Arrangement (?the Scheme?) and to subsequently sell a 20% working level interest in ESG?s permits to TRUenergy Holdings Pty Ltd (?TRUenergy?) for an estimated $284 million.
Santos currently owns 20.9% of the issued and outstanding ordinary shares of ESG (equity accounted book value as at 30 June 2011 of $207 million). Assuming the Scheme goes ahead, 75.3% of the issued and outstanding ordinary shares of ESG will be acquired through an all scrip offer where the ESG shareholders will receive 0.06803 Santos Limited shares for every one ESG share held. The number of Santos Limited shares to be issued is subject to adjustment in the event Santos declares a dividend prior to the Scheme implementation date and ESG shareholders do not become entitled to receive that dividend. The remaining 3.8% of ESG?s issued and outstanding ordinary shares held by TRUenergy will be acquired through a cash payment estimated at $35 million.
Post Balance Day Events
The following events occurred subsequent to 30 June 2011, the financial effects of which have not been brought to account in the half-year financial report for the six months ended 30 June 2011:
> On 18 July 2011, Santos announced that it reached binding agreements to acquire 100% of the outstanding ordinary shares in Eastern Star Gas Limited (?ESG?) via a recommended Scheme of Arrangement (?the Scheme?) and to subsequently sell a 20% working level interest in ESG?s permits to TRUenergy Holdings Pty Ltd (?TRUenergy?) for an estimated $284 million.
Santos currently owns 20.9% of the issued and outstanding ordinary shares of ESG (equity accounted book value as at 30 June 2011 of $207 million). Assuming the Scheme goes ahead, 75.3% of the issued and outstanding ordinary shares of ESG will be acquired through an all scrip offer where the ESG shareholders will receive 0.06803 Santos Limited shares for every one ESG share held. The number of Santos Limited shares to be issued is subject to adjustment in the event Santos declares a dividend prior to the Scheme implementation date and ESG shareholders do not become entitled to receive that dividend. The remaining 3.8% of ESG?s issued and outstanding ordinary shares held by TRUenergy will be acquired through a cash payment estimated at $35 million.
Not all conditions precedent in the binding agreements have been satisfied as at the date of this report.
End of quote

Note last paragraph

"Not all conditions precedent in the binding agreements have been satisfied as at the date of this report."

The Gravox gets thicker!
Cheers Mattocks