Nov 23 (Reuters) - Origin Energy Ltd (ORG)
- IN EVENT ALTERNATIVE TRANSACTION PROCEEDS, PROPOSED SHAREHOLDERS WOULD RECEIVE TOTAL CASH CONSIDERATION OF UP TO A$9.08 PER ORIGIN SHARE
- ADVISES THAT YESTERDAY EVENING IT RECEIVED A NON-BINDING AND INDICATIVE PROPOSAL FROM CONSORTIUM
- UNLIKELY THAT SCHEME WOULD HAVE ACHIEVED REQUIRED 75 PER CENT APPROVAL BY SHAREHOLDERS.
- UNDER EXISTING SCHEME, ADDITION OF POTENTIAL OPPORTUNITY FOR INSTITUTIONAL SHAREHOLDERS TO RE-INVEST INTO BROOKFIELD ENERGY MARKETS BUSINESS
- IF SCHEME IS NOT APPROVED ALTERNATIVE TRANSACTION OPTION CONSISTING OF A SALE OF ENERGY MARKETS TO BROOKFIELD FOR A$12.3 BILLION
- IF EIG REACHES ACCEPTANCES UNDER TAKEOVER OF AT LEAST 90 PER CENT, THEN SHAREHOLDERS WILL RECEIVE AN ADDITIONAL 22 AU CENTS CASHPER SHARE
- CONDITIONS ATTACHED TO REVISED PROPOSAL INCLUDE FINALISING AMENDMENTS TO CONSORTIUM'S FUNDING ARRANGEMENTS, AMONG OTHERS
- BOARD NOTES THAT TRANSACTION APPEARS INFERIOR TO EXISTING SCHEME
- ALTERNATE OPTION OF SALE OF ENERGY MARKETS WITH SUBSEQUENT OFF MARKET TAKEOVER OFFER BY EIG FOR CO
- ADJOURNMENT OF SCHEME MEETING
- GIVEN SHORT NOTICE, ORIGIN INTENDS TO OPEN SCHEME MEETING ON 23 NOV, AND IMMEDIATELY ADJOURN IT TO MONDAY 4 DEC
- CONSORTIUM ADVISED ORIGIN IT EXPECTS TO RECEIVE OUTSTANDING REGULATORY APPROVALS BY EARLY DECEMBER 2023
- BOARD HAS DECIDED TO ADJOURN SCHEME MEETING
- NEW PROXY DEADLINE FOR SHAREHOLDERS WHO WERE ON ORIGIN’S SHARE REGISTER ON SCHEME MEETING RECORD DATE OF 21 NOV WILL BE 48 HOURS BEFORE ADJOURNED SCHEME MEETING ON 4 DEC
(([email protected];))
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