L and M offer passes 90 percent hurdle

Wed, 16 Jan 2013

Jan. 16 (BusinessDesk) – The offer for L&M Energy from its chairman and creditor Geoff Loudon is now unconditional, having been accepted by more than 90 percent of shareholders, allowing compulsory acquisition of remaining shares. Loudon’s New Dawn Energy has acceptance for 90.25 percent of L&M by Jan. 15 and so it will move to compulsorily acquire remaining shares under the Takeovers Code. The offer is open until Jan. 31. The company made its offer in October at 6 Australian cents a share, valuing the target at A$45.3 million, winning the su...

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