18th Mar 2009 07:00
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News Release |
The following announcement was issued to the Australian Securities Exchange (ASX) at 23.35hrs GMT, 17 March 2009.
18 March 2009
BG Group's Offer scheduled to close on 23 March 2009
BG Group ("BG Group" - LSE: BG-L) today announced that its takeover offer for Pure Energy Resources Limited ("Pure" - ASX: PES) is currently scheduled to close at 7.00 pm (Sydney time) on Monday 23 March 2009.
Following the close of the offer for Pure by Arrow Energy Limited ("Arrow" - ASX:AOE) on 13 March 2009, BG Group's Offer is now the only offer open for acceptance by Pure shareholders.
BG Group now has a relevant interest in approximately 36% of Pure shares. Royal Dutch Shell (LSE: RDSA, RDSB), which has an interest in approximately 11% of Pure, announced on 3 March 2009 that it intends to accept BG Group's Offer for Pure, in the absence of a superior offer.
BG Group announced on 27 February 2009 that it will increase its offer price from A$8.00 to A$8.25 per Pure share if it has acquired a relevant interest in 90% or more of Pure's ordinary share capital by the close of BG Group's offer period. BG Group's conditional offer price of A$8.25 is final, in the absence of a superior proposal.
Pure shareholders who sell their Pure shares on-market may incur brokerage charges and will not be entitled to receive the higher price of A$8.25 per share, should it become payable.
Pure's independent directors have unanimously recommended that Pure shareholders accept BG Group's Offer and have further advised that Pure's share price is likely to fall if BG Group's Offer is not successful.
Payment terms
BG Group will despatch a payment of A$8.00 per share to all accepting Pure shareholders within 5 business days of the receipt by BG Group of a valid acceptance. If BG Group acquires a relevant interest in 90% of Pure's ordinary share capital by the close of the offer period, an additional payment of A$0.25 per share will be despatched to all Pure shareholders who have accepted into BG Group's Offer.
Further information
Pure shareholders with questions relating to BG Group's offer can call the BG Group Offer Information Line on 1800 135 831 (toll-free within Australia) or +61 2 8268 3679 (for callers from outside Australia).
Ends.
Notes for Editors
About BG Group
BG Group plc (LSE: BG.L) is a world leader in natural gas, with a strategy focused on connecting competitively-priced resources to specific, high-value markets. Active in 27 countries on five continents, BG Group has a broad portfolio of exploration and production, Liquefied Natural Gas (LNG), transmission and distribution and power generation business interests. It combines a deep understanding of gas markets with a proven track record in finding and commercialising reserves. BG Group owns 99.89% of QGC, a Queensland based company (see below). For further information visit: www.bg-group.com
About QGC
QGC (ASX: QGC) is a leading and award-winning Australian integrated energy business with a strategy focused on developing its world-class coal seam gas reserves in the Surat Basin for domestic supply, power generation and export as LNG. Founded in 2000 as an explorer, QGC now employs more than 300 staff. QGC, already a supplier of natural gas to the Australian domestic market, is developing further domestic supply in addition to the Queensland Curtis LNG Project. For further information visit: www.qgc.com.au
About Pure
Pure Energy Resources Limited was established in 2004 by a group of experienced industry professionals in the coal seam gas industry to identify CSG exploration, development and production opportunities. Pure listed on the Australian Stock Exchange (shares-PES, options-PESO) on 12 September 2006. For further information visit: www.pureenergyresources.com.au
Contacts
Communications Australia
+61 (0) 417 797 419 - Hedley Thomas
+61 (0) 2 8284 9901 - John Hurst (Cannings)
Communications UK
+44 (0) 118 929 3110 / 3508 / 2462
+44 (0) 791 718 5707 - Out of hours media mobile
Investor Relations
+44 (0) 118 929 3025
There are matters discussed in this media information that are forward looking statements. Such statements are only predictions and actual events or results may differ materially. For a discussion of important factors which could cause actual results to differ from the forward looking statements, refer to BG Group plc's annual report and accounts for the year ended 31 December 2007. BG Group plc does not undertake any obligation to update publicly, or revise, forward looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.
Related Shares:
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