LogIn LogOut

Takeover Offer Launched for Oil and Gas Firm FAR

January 31, 2022

© ball141030/AdobeStock
© ball141030/AdobeStock

Samuel Terry Asset Management Pty Ltd has launched a takeover offer for W. Africa-focused oil and gas company FAR.

Samuel Terry Asset Management Pty Ltd as trustee for Samuel Terry Absolute Return Active Fund launched an offer to acquire FAR’s shares at 45c cash per share. 

The bidder, which already owns a relevant interest in 4.9% of FAR's Shares, said the offer price represented a premium of 23.3% relative to the closing price of FAR Shares on ASX on the Last Practicable Date (being 28 January 2022) of A$0.365 per share.

According to the bidder, the size of the Fund is approximately $420 million. The Fund invests in Australian and international debt and equity securities, which may be listed or unlisted, and derivatives, and has approximately 300 investors, who are sophisticated wholesale investors comprising family offices, self-managed super funds, charitable organizations, and high net worth individuals.

In the event that acceptances are received for all shares on issue as at the date (other than those shares which bidder already owns) the aggregate amount of cash consideration that bidder would be required to pay would be $42,705,341.10, plus all associated transaction costs.

“The proposed offer is not yet open and will not close until mid-March at the earliest and accordingly there is no need for shareholders to take any action at this time. FAR will consider the offer and will advise shareholders of its recommendation in due course,” Australia-based FAR, which last year sold its stake in the Sangomar development offshore Senegal, said Monday.

“The takeover bid recognizes that FAR’s shares are undervalued having regard to cash backing and the potential of FAR receiving a US$55m contingent payment from the sale of its interest in the [Sangomar] project, as well as its existing oil and gas interests. The offer is conditional, including on obtaining a minimum of 50.1% acceptance level. Accordingly, there is no certainty that the intended takeover bid will complete. FAR has appointed Baker McKenzie as legal advisors in relation to the bid,” FAR said.

FAR, which after the sale of the Senegal interests decided to focus on exploration offshore Gambia, in December said its Bambo-1ST1 well offshore The Gambia had not encountered live oil columns and would be plugged and abandoned.



Current News

Portugal's EDP to Scale Up Offshore Solar Plants in Southeast Asia

Portugal's EDP to Scale Up Offshore Solar Plants in Southeast Asia

India Imposes A Windfall Tax On Oil Producers and Export Duties For Oil Products

India Imposes A Windfall Tax On Oil Producers and Export Duties For Oil Products

Russia to Replace Sakhalin-2 Project Operator with New Firm

Russia to Replace Sakhalin-2 Project Operator with New Firm

State Agency Wants Net-zero Carbon Emissions from Australia's Giant LNG Plant

State Agency Wants Net-zero Carbon Emissions from Australia's Giant LNG Plant

Gazprom Cancels Dividend for First Time Since 1998. Shares Drop

Gazprom Cancels Dividend for First Time Since 1998. Shares Drop

Offshore Helicopters: Bristow in Long-term Maintenance Support Deals for AW139 Fleet

Offshore Helicopters: Bristow in Long-term Maintenance Support Deals for AW139 Fleet

China Moves to Buy More Russian Oil, but Will it Help or Hinder?

China Moves to Buy More Russian Oil, but Will it Help or Hinder?
photo

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com