The Directors of Mosman Oil and Gas Limited says that the Company has resolved to lodge a Notice of Variation in respect of the takeover of MEO Australia Limited with the Australian Securities & Investments Commission. The key Variations are set out below and will be incorporated into a Supplementary Bidders Statement that will be published shortly;
The Offer was scheduled to close on 8 May 2015. Mosman has varied the Offer by:
•extending the Offer Period from 5:00pm (WST) on 8 May 2015 to 5:00pm (WST) on 12 June 2015;
•increasing the Offer Consideration to one Mosman share for every five MEO shares (previously one for ten); and
•Freeing the Offer from many of the conditions including the minimum acceptance of 90%. Specifically the Conditions in section 10.11 of the Offer except for condition section 10.11(b) which relates to Mosman Shareholder approval.
The Mosman Directors are of the opinion that implementing the above, together with the recent share placement directly answers many of the issues raised by MEO in their Target Statement, and Supplementary Target Statements.