https://www.miningweekly.com

Drillsearch extends offer for Ambassador

Drillsearch extends offer for Ambassador

Photo by Bloomberg

9th September 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – ASX-listed Drillsearch Energy has extended its takeover offer for fellow-listed Ambassador Oil & Gas until September 15.

The Drillsearch offer is now the only takeover option available to Ambassador shareholders, after a competing bid by New York-listed Magnum Hunter closed on September 5.

Ambassador on Tuesday advised shareholders to accept the Drillsearch offer, as the company had obtained a relevant interest of more than 88% in Ambassador’s shares.

Drillsearch is offering one of its own shares for every 5.4 Ambassador shares held, implying a price of 30c a share to Ambassador’s shares, based on Drillsearch’s closing price on September 8.

Drillsearch has indicated that it would apply to have Ambassador’s shares delisted from the ASX, once it has gained control of the company.

Edited by Creamer Media Reporter

Comments

Showroom

Immersive Technologies
Immersive Technologies

Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.258 0.292s - 90pq - 2rq
Subscribe Now