![Dart Energy Limited (ASX:DTE) Declares Bid for Apollo Gas Limited (ASX:AZO) Unconditional and Will Proceed to Compulsory Acquisition](http://media.abnnewswire.net/topimg/en/63348_01_h.jpg)
Dart Energy Limited (ASX:DTE) Declares Bid for Apollo Gas Limited (ASX:AZO) Unconditional and Will Proceed to Compulsory Acquisition
Brisbane, Dec 8, 2010 AEST (ABN Newswire) - The takeover offer by Dart Energy Limited (
ASX:DTE) for Apollo Gas Limited (
ASX:AZO) has been declared unconditional. A formal notice is attached which has been given to Apollo today (see link at the bottom of the release).
Payment of consideration
For those Apollo shareholders who have validly accepted the offer prior to the date of this announcement, Dart intends to provide the consideration to which those Apollo shareholders are entitled on or about Monday 13 December 2010.
Subject to the terms of the offer, Dart intends to provide the consideration in relation to acceptances which are received after 7.00pm (AEDT) on 7 December 2010 but before 7.00pm (AEDT) on 17 December 2010 (being the last day of the offer period) within ten business days of processing of those acceptances.
Compulsory acquisition of Apollo
Dart intends to commence the compulsory acquisition of the remaining shares in Apollo which it does not already own in accordance with the compulsory acquisition process set out in the Corporations Act 2001 (Cwlth). At the end of trading on 7 December 2010, Dart had voting power in Apollo of 95.12%.
Dart intends to issue compulsory acquisition notices on or around 17 December 2010 and expects that the ASX will suspend trading in Apollo Gas shares at, or shortly after, the close of trading on 24 December 2010 in accordance with the ASX Listing Rules. If Apollo shareholders have not accepted the Dart offer by that time, they will no longer have the opportunity to sell those Apollo shares to Dart and receive the offer consideration within the timeframes set out above, and will not be able to sell their shares on ASX.
Instead, remaining Apollo shareholders will have their shares compulsorily acquired by Dart in accordance with the statutory procedure set out in the Corporations Act 2001 (Cwlth).
Shareholders will have to wait at least one month (and up to six weeks) before receiving the proceeds from the compulsory acquisition of their Apollo shares.
If Apollo shareholders have any questions in relation to the Dart recommended takeover of Apollo, or the compulsory acquisition process, please call Dart's shareholder information line on 1800-774-759 (within Australia) or +61-2-8280-7719 (outside Australia) between 8.30am and 5.30pm Monday to Friday (AEDT).
Please refer to the following link for the formal notice:
http://www.abnnewswire.net/media/en/docs/64392-ASX-DTE-227193.pdf
Contact
Mr Simon Potter
Chief Executive Officer
Tel: +65-6508-9840
Mr Shaun Scott
Executive Director and acting CFO
Tel: +61-7-3149-2100
Mr Eytan Uliel
Chief Commercial Officer
Tel: +65-6508-9840
http://www.dartenergy.com.au
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