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Strike gets major holding in UIL

28th November 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Strike Energy has declared its takeover offer for fellow-listed UIL Energy unconditional.

Strike in October launched a takeover offer for UIL, offering 0.485 Strike shares for every one UIL share held.

Strike said at the time of the offer that the takeover presented a compelling opportunity to build a material domestic gas business in the Perth basin that would complement Strike’s extensive holding in the Cooper basin.

The addition of the UIL assets would also diversify Strike’s portfolio across multiple plays in the Perth basin, with the merged group to have some 3 000 km2 across the basin.

Strike on Wednesday said that its shareholding in UIL has now increased to around 56%, following the acceptance of UIL’s unrelated shareholders of the offer.

With Strike now obtaining a majority interest in the company, it has announced the appointment of Andrew Seaton and Stuart Nicholls as directors the UIL board, and has procured the resignation of each of the current UIL directors, other than Stephen Bizzell.

The remaining UIL shareholders have been urged to accept the takeover offer, which will close on December 14.

Edited by Creamer Media Reporter

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