Mosman update on Acquisition of Trident Energy Limited
Mosman Oil and Gas Limited (AIM: MSMN) the Australia and New Zealand focused oil exploration and development company announces an update on the proposed acquisition of all the issued shares in Trident Energy Limited (“Trident”), an Australian unlisted public company with onshore and offshore oil interests in Australia (“Acquisition”) as follows.
The RNS announcement dated 2 July 2014 advised that the Acquisition is subject to four key conditions, which may be waived by Mosman:
1. a minimum acceptance from Trident shareholders representing at 90% of the Trident Shares;
2. Mosman completing an equity capital raising of at least A$2 million;
3. VIC/P62 permit being renewed; and
4. the grant of Exploration Permit 145 (EP145).
The board of Mosman can now confirm:
1. The board have agreed to waive the conditions detailed in point 2 above as a result of the success of the recent fund raisings;
2. Condition 3 has been satisfied as that permit has now been renewed; and
3. Trident has advised that the condition detailed in point 4 above is expected to be satisfied shortly.
The directors of Trident continue to unanimously recommend the Acquisition in the absence of a superior competing proposal. In addition, the individual Trident directors have undertaken to accept, or procure the acceptance of the Acquisition, in respect to Trident Shares that they or their associates own or control, in the absence of a superior competing proposal.
The Bidder’s Statement has been delayed and will be dispatched shortly. The directors will keep the market informed of the updated timetable and process.
John W Barr, Executive Chairman of Mosman commented: “We strongly believe in the Trident acquisition and the opportunity that exists with exploration funded by Mosman’s strong cash resources. Good progress on documents has been made to date, and as is often inevitable when completing an acquisition there have been some minor delays.”
Mosman Oil and Gas Limited