L and M Energy chairman Loudon exceeds 80 percent acceptance in takeover offer

Mon, 10 Dec 2012

Dec. 11 (BusinessDesk) – L&M Energy chairman and creditor Geoff Loudon has drawn more than 80 percent acceptances for his takeover offer. Loudon’s New Dawn Energy has acceptance for 80.4 percent of L&M, according to a substantial shareholder notice yesterday. It needs to get to 90 percent to declare the offer unconditional. The company made its offer in October at 6 Australian cents a share, valuing the target at A$45.3 million, winning the support of L&M’s independent directors. An independent valuation by KordaMentha put the value at betwe...

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