Tangiers’ takover of Jacka falls through

Tangiers Petroleum Limited has advised that the offer period for its off-market takeover offers for all the shares and listed options in Jacka closed at 7 pm, Sydney time, on 18 March 2014.

The takeover offers were subject to various defeating conditions, including the 90% minimum acceptance condition. Those conditions were not met at that time and accordingly the offers have lapsed. As a result all acceptances received into the Tangiers takeover offer will be cancelled, such that any Jacka shareholder who accepted the Tangiers offer in respect of their Jacka shares will continue to hold those shares and be free to deal with them as they see fit.

Proposed Capital Raising
As advised in the Company’s announcement of 14 March 2014, Jacka has appointed Patersons Securities Limited and DJ Carmichael Pty Limited to assess potential capital raising proposals, the proceeds of which are intended to be used to repay approximately $1.7 million owing under Jacka’s existing loan facilities and to provide ongoing working capital. Jacka envisages that it will be able to update the market regarding these proposals
shortly. Jacka notes that the $300,000 it has drawn down under a loan facility provided by Tangiers will be required to be repaid within 90 days of completing any proposed capital raising.

Trading in Jacka shares on ASX will remain in suspension until the proposed financing arrangements are completed.

 

Press Release, March 19, 2014

 

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply