Highlands Natural Resources Regulatory News (HNR)

20 Dec 2006 07:00

Hardman Resources Limited20 December 2006 STOCK EXCHANGE / MEDIA RELEASE RELEASE DATE: 20 December 2006 FOR FURTHER INFORMATION: Simon Potter Chief Executive Officer Hardman Resources Limited +61 8 9261 7600 Shareholder Information Line 1300 302 137 within Australia +61 3 9415 4093 international calls MEDIA ENQUIRIES: Jim Kelly (in Australia) Third Person Communications +61 2 8298 6100 Patrick Handley (in United Kingdom) Brunswick Group +44 20 7404 5959PAGES: 2 HARDMAN SCHEME OF ARRANGEMENT BECOMES EFFECTIVE AND SUSPENSION OF SHARES Hardman Resources Limited ("Hardman"; ASX: HDR; LSE: HNR) advises that it hastoday lodged with the Australian Securities and Investments Commission a copy of the Orders of the Federal Court of Australia made on 19 December 2006 approving the Scheme of Arrangement ("Scheme") whereby Tullow Oil plc ("Tullow")acquires Hardman. The Scheme therefore becomes effective as of today. As a result of Scheme becoming effective, three Tullow nominees, Messrs TomHickey, Graham Martin and Bill Torr have been appointed to the Hardman Boardwhilst Messrs Peter Raven, John Conlin and Peter Mansell have resigned. Hardman also advises that Hardman shares will be suspended from trading on theAustralian Stock Exchange from close of trading on ASX today. Hardman shareswill also be suspended from trading on AIM prior to commencement of trading onAIM today. Shareholders have until 7.00pm (Perth time) on 22 December 2006 to lodge a validElection Form for Scheme Consideration, in the absence of which they will bedeemed to have elected to receive Cash Consideration in respect of theirshareholding in Hardman. The Record Date for participation in the Scheme is 2January 2007 with implementation of the Scheme to be effected on 10 January2007. Hardman intends to apply to the Australian Stock Exchange and theAlternative Investment Market of the London Stock Exchange on 11 January 2007for cancellation of official quotation of Hardman securities on those exchangesfrom that date. Hardman Chairman, Mr Robert Carroll commented that: "Hardman Resources shareholders have received from Tullow a compelling price fortheir shares, capturing several years of risked upside in the Hardman portfolio.Those shareholders receiving Tullow shares as part of their consideration willcontinue to participate in the future success of the Hardman assets, includingthose in Mauritania and Uganda, but within a more diversified exploration andproduction company. "I and my colleagues on the Board would like to thank all our employees andcontractors for their efforts over the years, and we wish them the very best forthe future." Hardman was advised by Emerald Partners and Morgan Stanley as exclusivefinancial advisers and Blake Dawson Waldron as legal advisers. The Company'sbrokers in the UK are JP Morgan Cazenove who have also provided financial adviceduring the year and Oriel Securities. Nabarro Wells & Co. Limited is NominatedAdviser to Hardman on AIM. SIMON POTTERCEO and Managing Director This information is provided by RNS The company news service from the London Stock Exchange