23 Apr 2014 07:00
Acorn Minerals Plc
("Acorn" or "the Company")
Conditional agreement to acquire Gulf Energy Limited
The board of Acorn (LSE: ACO), admitted to the Standard listing segment of the Official List and to the Main Market of the LSE, is pleased to announce that it has reached a conditional agreement with shareholders in Gulf Energy Limited ("Gulf") holding in the aggregate above 99% of the ordinary share capital in Gulf in issue as part of a broader offer to acquire the entire issued share capital of Gulf ("Acquisition"). Gulf is an oil and gas exploration and extraction company incorporated in Australia, and holds the rights to a licence over approximately 15,500 sq km in the Gulf of Carpentaria, offshore Queensland.
Completion of the Acquisition is conditional on, amongst other things, due diligence, the approval of the Acquisition by Acorn's shareholders in general meeting and, given that the Acquisition is proposed to be effected by way of share-for-share consideration and the shareholding levels in Acorn that are expected to arise as a result, a waiver from the UK Takeover Panel in relation to Rule 9 of the Takeover Code.
The Acquisition is anticipated to constitute a reverse takeover in accordance with Listing Rule 5.6. Accordingly, trading in the Company's ordinary shares of 2p each will be suspended with effect from today pending the publication of a prospectus by the Company, following completion of the Acquisition, and the readmission of the Company as enlarged by Gulf to the Standard listing segment of the Official List and to the Main Market of the LSE, or alternatively, an announcement that the Acquisition is no longer proceeding.
It should be noted that whilst a conditional agreement has been reached in respect of the Acquisition, there can be no certainty that the Acquisition will be completed successfully.
For further information please contact:
Anthony Brennan, Executive Chairman, +618 9322 5944 http://www.acornminerals.com