Emerald gets new investment offer
PERTH (miningweekly.com) – Perth-based Emerald Oil & Gas has received an off-market offer from Confederate Capital, to acquire a 30% stake in the oil and gas junior.
Confederate was proposing to offer Emerald shareholders 1.4c in cash for each Emerald share held.
Emerald said that it was seeking the advice of an independent adviser on the merits of the offer, given the existing takeover offer from major shareholder Ochre Group Holdings (OGH).
In August, OGH, which currently holds a 16% interest in Emerald, launched a share offer for the ASX-listed junior, offering one of its own shares in exchange for every 2.75 ordinary shares held in Emerald.
The takeover offer from OGH was subject to the shareholder raising between A$500 000 and A$1-million through a share issue.
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