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PEAKO LIMITED — M&A Activity 2014
Dec 15, 2014
65567_rns_2014-12-15_b7e3c122-ec52-4482-9181-650cb7426fd5.pdf
M&A Activity
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Octanex NL ABN 61 005 632 315 Level 21 500 Collins Street Melbourne Victoria 3000 Australia
Tel: +61 (0)3 8610 4702 Fax: +61 (0)3 8610 4799 Email: [email protected] Website: www.octanex.com.au
16 December 2014
Termination of Proposed Merger with Peak
Octanex NL (ASX Code: OXX) advises that Peak Oil & Gas Limited (“Peak”) (ASX Code: PKO) has withdrawn its Application to the Supreme Court for Orders to convene meetings of Peak members and optionholders to approve entering into Schemes of Arrangement that would see Peak merged into Octanex, and has advised both the Court and ASIC that the Schemes will not proceed.
This follows advice from Octanex that it is not prepared to advance further loan funds to Peak pursuant to the Loan Agreement between Octanex and Peak and that it will not extend the “End Date” in the Implementation Agreement for the proposed Schemes of Arrangement beyond 31 December 2014.
As at the date of this announcement, Octanex has advanced net loan monies of $1,887,159 to Peak. Octanex has indicated to Peak that it will amend the terms of the Loan Agreement such that the loan does not become immediately repayable on expiry of 31st December 2014. Moreover, Octanex remains supportive of Peak’s endeavours and will work with Peak for an orderly repayment of the Peak loan.
Octanex has released Peak from the “no-shop” terms of the Implementation Agreement.
For further information please contact:
www.octanex.com.au Rob Wright, Company Secretary
[email protected] +61 3 8610 4703