Bridge Energy ASA Bridge Energy Asa: Compulsory Acquisition Of Remaining Shares
November 20 2013 - 3:23AM
UK Regulatory
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Bridge Energy ASA
("Bridge", "Group" or the "Company")
Compulsory acquisition of remaining shares
Bridge, the Oslo Børs and AIM listed oil and gas exploration and
production company (OSE:BRIDGE/AIM:BRDG.L) notes the announcement by
Spike Exploration ("Spike" or the "Offeror") announcing the compulsory
acquisition of all shares in Bridge Energy ASA not already owned by
Spike Exploration. The Offeror has informed the Company that effective
from close of trading on Oslo Børs on 19 November 2013, it has
resolved to carry out a compulsory acquisition of all remaining shares
in the Company not already owned by the Offerer. Following settlement of
the voluntary offer, Spike Exploration owned in aggregate 61,943,520
shares in the Company, representing approximately 97.7 per cent of the
shares and voting rights in the Company.
The full text of Spike Exploration Holding AS announcement is below:
Spike Exploration Holding AS announces compulsory acquisition of
remaining shares in Bridge Energy ASA
Stavanger, 20 November 2013: Reference is made to the announcement dated
13 November 2013 in connection with settlement of the voluntary offer
from Spike Exploration Holding AS ("Spike Exploration") to acquire all
shares in Bridge Energy ASA (the "Company") not already owned by Spike
Exploration. Following settlement of the voluntary offer, Spike
Exploration owned in aggregate 61,943,520 shares in the Company,
representing approximately 97.7 per cent of the shares and voting rights
in the Company.
The Board of Directors of Spike Exploration has, effective from close of
trading on Oslo Børs on 19 November 2013, resolved to carry out a
compulsory acquisition of all remaining shares in the Company not owned
by Spike Exploration pursuant to the Norwegian Public Limited Liability
Companies Act section 4-25 cf. the Norwegian Securities Trading Act
section 6-22 (3). As a consequence, Spike Exploration has assumed
ownership of all shares in the Company.
The offered redemption price under the compulsory acquisition is NOK
15.25 per share. The offered redemption price corresponds to the offer
price in the completed voluntary offer to acquire all shares in the
Company which, according to the Norwegian Securities Trading Act section
6-22 (2), is the applicable redemption price in a subsequent compulsory
acquisition. DNB Bank ASA has furnished a guarantee for the settlement
under the compulsory acquisition in accordance with the Norwegian
Securities Trading Act section 6-22 (3) no. 3.
Any objections to, or rejections of, the offered redemption price must
be raised on or before 21 January 2014. Former shareholders in the
Company who do not object to, or reject, the offered redemption price
within this deadline will lose their right to object to, or reject, the
offered redemption price and are deemed to have accepted the offer.
A letter regarding the compulsory acquisition will be sent to all former
shareholders subject to the compulsory transfer whose addresses are
known. In addition, the compulsory acquisition will be announced through
the electronic notice service of the Norwegian Register of Business
Enterprises (Brønnøysundregistrene).
As a consequence of the compulsory acquisition, Spike Exploration will
pursue a de-listing of the shares in the Company from Oslo Børs and
AIM (a market operated by London Stock Exchange plc.). Separate stock
exchange notices will be published regarding the timing for such
delisting. Spike Exploration also refers to the announcement published
by the Company on 18 November 2013 regarding the forthcoming de-listing
from AIM.
For further information please contact:
Bridge Energy
Bill McCall, Chairman +44 1224 659 120
Cenkos Securities
Jon Fitzpatrick +44 207 397 1951
Neil McDonald +44 131 220 9771
FTI Consulting
Edward Westropp/Natalia Erikssen +44 20 7831 3113
This information is subject of the disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: Bridge Energy ASA via Thomson Reuters ONE
HUG#1744448
http://www.bridge-energy.no/
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