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TALIUS GROUP LIMITED — M&A Activity 2009
Jul 19, 2009
65893_rns_2009-07-19_1323eb71-ee1a-4d46-97be-37176c33d1a2.pdf
M&A Activity
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17[th] July, 2009 ASX Release
BLAZE ASSET Pty Ltd ACN 134 038 412 tel +61 8 9486 1122 fax +61 8 9486 1011
Suite 2, 16 Ord Street West Perth Western Australia 6872
Expiry of Blaze Asset Pty Ltd Off Market takeover for Target Energy Limited
In accordance with ASX listing Rule 3.3 the company advises that the off market takeover of Target Energy Limited announced by Blaze Asset Pty Ltd on April 8[th] 2009, a company jointly owned by Advance Energy Limited and Odin Energy Limited, has expired.
The offer period was not extended as it was considered that the offer to Target Energy shareholders was overvalued.
This decision was a mutual agreement reached by Advance Energy and Odin Energy, as joint shareholders of Blaze Asset, when consideration was given to the recently announced $7.5 million funding agreement secured by Advance Energy, and the growth and development opportunities that currently exist for both companies.
Blaze Asset will continue to monitor closely the investment in Target Energy to ensure maximum value is realized, and may consider a further takeover offer at a later stage.
At the expiry date of the offer today, Blaze Asset has received acceptances for 5.83% of Target Energy shares and will continue to hold shares as a portfolio investment. As the largest single shareholder of Target Energy, Blaze Asset will request a board seat to ensure the interests of its shareholders.
Today Advance Energy and Odin Energy paid the consideration in accordance with the Blaze Asset Pty Ltd offer to Target Shareholders who accepted as of the 26[th] June. Target Energy shareholders who accepted the offer post the 26[th] June will be paid their consideration the earlier of 1 month from the date of their acceptance and 21 days after the offer period (Fri 7[th] August).
Further Information
If you have any queries regarding the Offer, please contact Alex Bajada on (08) 9486 1122.
Alex Bajada Director, Blaze Asset Pty Ltd
Blaze_ASX TEX Takeover Expiry Announcement_July 2009July 2009