Sydney - Monday - June 16: (RWE Aust Business News) - Roc Oil
(ASX:ROC) and Anzon Energy will merge to create a significant independent
upstream oil and gas company listed on the Australian Stock Exchange and
the Alternative Investment Market of the London Stock Exchange.
The merged company will have attributable production and reserves
in eight producing fields and development, appraisal and advanced
exploration projects in Australia, China, Mauritania, Angola and the
North Sea.
The merger will be effected by way of a scheme of arrangement
under which ROC will acquire all of the issued share capital of Anzon
Energy.
Concurrently, ROC proposes to make an offer for all the
outstanding shares in Anzon Australia (ASX:AZA), a company in which Anzon
Energy has a 52 per cent fully-diluted shareholding, by way of an off
market takeover offer.
The Anzon Energy scheme is not dependent on the outcome of the
Anzon takeover offer.
Following completion of the scheme, ROC will own a fully-diluted
52pc of AZA and will consolidate the attributable reserves and the
financial results of AZA.
As Anzon Energy's only material asset is its shareholding in AZA,
the offer price for each share has been set by reference to the offer
price under the AZA takeover offer, and will be adjusted for Anzon
Energy's net cash position at the record date of the scheme.
The exact number of ROC shares to be issued as consideration will
be calculated based on the final Anzon Energy price and on ROC's closing
share price on 13th June 2008 of $2.02.
It is currently estimated that ROC will issue in the order of 150
million shares, representing 33pc of the issued capital of the merged
company.
On the basis of Anzon Energy's current estimate of its net cash
position at the record date of the scheme, the merger ratio is 1.33 ROC
shares for every Anzon share. Its value therefore is $303 million or
$2.69 per share (assuming an AUD/GBP exchange rate of 0.485).
The merger of ROC and AEL will create a leading independent
Australian and international oil and gas producer with attributable net
2P oil reserves and best estimate contingent gas and condensate resources
of at least 34 MMBOE.
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