Mineral Resources Limited (MinRes) has announced that it acquired over 80 per cent of all fully paid ordinary shares of Perth-based oil and gas exploration company Norwest Energy NL.
As stated in MinRes’ letter to Norwest shareholders on 6 April, the former said it established an acceptance facility whereby Norwest shareholders could indicate their intention to accept MinRes’ offer but without being obliged to do so unless MinRes acquires a combination of relevant interest and indications under the acceptance facility of 80 per cent or more of Norwest.
In MinRes’ Form 604, dated 17 April, it said it acquired a relevant interest of 81.46 per cent in Norwest shares, confirming that it delivered a letter to the facility agent saying the rollover condition has been satisfied and that the acceptance facility is now closed.
The company added that any elections from Norwest shareholders to participate in the acceptance facility would be processed as acceptances under the offer.
As a result of MinRes’ relevant interest in Norwest exceeding 80 per cent, the latter’s shareholders who accept the offer may be eligible to choose scrip for scrip Capital Gains Tax (CGT) rollover relief in respect to the disposal of Norwest shares so that any CGT payable on the disposal of Norwest shares is deferred.
MinRes said Norwest shareholders are urged to seek their own independent tax advice regarding the effect of choosing the scrip for scrip CGT rollover relief to their individual circumstances.
The company added that the offer is final and will not be increased, urging Norwest shareholders who have not accepted the offer to accept it without delay.
