Prima Energy, a leading independent oil and gas company in Indonesia, has reached an agreement to acquire an interest in c.28.3% of the issued share capital of Jadestone Energy
Prima Energy, a leading independent oil and gas company in Indonesia, announces that it has reached an agreement to acquire an interest in c.28.3% of the issued share capital of Jadestone Energy from funds managed by Tyrus Capital S.A.M.
Prima Energy has no intention of making an offer to acquire Jadestone Energy and is bound by the terms of Rule 2.8 of the UK Takeover Code in that respect.
Prima Energy is an experienced upstream oil and gas operator in Indonesia and will support the Company as it continues to deliver long term growth and value creation for all shareholders.
Notes relating to Rule 2.8 of the UK Takeover Code
Under Note 2 on Rule 2.8 of the UK Takeover Code, Prima Energy reserves the right to set the restrictions in Rule 2.8 aside in the following circumstances:
(a) with the agreement of the board of Jadestone Energy;
(b) if a third party announces a firm intention to make an offer for Jadestone Energy;
(c) if a third party announces a possible offer for Jadestone Energy;
(d) if Jadestone Energy announces a Rule 9 waiver proposal (see Note 1 of the Notes on Dispensations from Rule 9) or a reverse takeover (as defined in the UK Takeover Code); or
(e) if there has been a material change of circumstances (as determined by the Takeover Panel).
Standard Chartered acted as sole financial adviser and Herbert Smith Freehills Kramer LLP acted as legal adviser to Prima Energy in connection with the transaction.
Source: Jadestone Energy
Jadestone Energy responds to statement by Prima Energy regarding its acquisition of 28.3% in Jadestone
AIM-listed Jadestone Energy, an independent upstream production and development company focused on the Asia-Pacific region, notes the announcement by PT Prima Petroleum Energi that Prima Energy has reached an agreement to acquire an interest in c.28.3% of the Company’s issued share capital from Tyrus Capital S.A.M.
Jadestone has not yet received independent confirmation of the Sale.
Jadestone also notes Prima Energy’s statement that it has no intention of making an offer to acquire Jadestone Energy plc and is bound by the terms of Rule 2.8 of the UK Takeover Code in that respect.
Source: Jadestone Energy
