1 Oct 2013 07:00
1 October 2013
Fortune Oil PLC
("Fortune Oil" or the "Company")
Extension of Long Stop Date for Proposed Acquisition
On 7 August 2013 the Company announced, among other things, that it had entered into a conditional contract with First Marvel Investment Limited to acquire Wilmar International Limited's interest in the consideration receivable as a result of the conditional disposal of Fortune Gas Investment Holdings Limited (the "Proposed Acquisition").
Completion of the Proposed Acquisition is subject to certain conditions, including the admission of the new Ordinary Shares to be issued in connection with the Proposed Acquisition and the Loan Settlement to the Standard Segment of the Official List and to trading on the London Stock Exchange's Main Market for listed securities (the "Admission Condition"), being satisfied by 30 September 2013 (or such later date as the Company and the other parties to the Proposed Acquisition may agree) (the "Long Stop Date").
It is anticipated that the Admission Condition will be satisfied and completion of the Proposed Acquisition will occur on 3 October 2013. To this end, Fortune Oil and the other parties to the Proposed Acquisition have agreed to extend the Long Stop Date to 4 October 2013.
Unless otherwise defined in this announcement, capitalised terms in this announcement shall have the same meaning as in the announcement made by the Company on 7 August 2013 relating to the Proposed Acquisition.
For further information please contact:
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Fortune Oil PLC Tee Kiam Poon - Chief Executive Bill Mok - Chief Financial Officer Frank Attwood - Senior Independent Director
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Tel: (+852) 2583 3125 Tel: (+852) 2583 3120 Tel: (+44/0) 20 7824 8411 |
VSA Capital Limited (Financial Adviser) Andrew Raca
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Tel: (+44/0) 20 3005 5000
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Bell Pottinger Archie Berens |
Tel: (+44/0) 7802 442486 |
Background on Fortune Oil
Fortune Oil is a leading independent energy company engaged in the investment in and operation of oil and natural gas supply projects in the People's Republic of China (the "PRC"). Fortune Oil has acquired a unique portfolio of high quality oil and natural gas projects across the country and has formed a strong partnership with domestic and international market leaders. Fortune Oil recently started an expansion outside the PRC securing resource projects. Fortune Oil is listed on the Main Market of the London Stock Exchange with its operational headquarters in Hong Kong.
FTO.L (FTO)