Beach Energy Limited to Accept Shares and Cash Option for Somerton Stake

05.06.2012  |  ABN Newswire

14:54 AEST June 4, 2012 ABN Newswire (C) 2004-2012 Asia Business News PL. All Rights Reserved.

Sydney, Australia (ABN Newswire) - Beach Energy Limited (ASX:BPT) advises that, under the off-market takeover offer by Cooper for Somerton, it will accept the shares and cash option for the 55.44% relevant interest it has in Somerton

Beach advised on 21 May 2012 that, in the absence of a higher offer, it will accept the off-market takeover offer by Cooper Energy Limited (ASX:COE) for Somerton Energy Limited (ASX:SNE).

The board of Beach has decided to accept the shares and cash option for its 55.44% relevant interest in Somerton. Under this option, Cooper is offering one Cooper share for every 4.73 Somerton shares plus 9 cents cash for each Somerton share.

As a consequence of accepting the shares and cash option, Beach will receive approximately 17 million shares in Cooper and $7.2 million in cash.


About Beach Energy Limited:

Beach Energy Limited (ASX:BPT) is a long established oil and gas Exploration and Production Company, based in Adelaide, South Australia.



Contact:

Beach Energy Limited
T: +61-8-8338-2833
F: +61-8-8338-2336
WWW: www.beachenergy.com.au