Oil and Gas News

Fed Court approves POSCO acquisition of Senex

gas deal

Senex Energy has announced that the Federal Court of Australia has made orders approving the scheme of arrangement under which K-A Energy 1, subsidiary of POSCO International Corporation, will acquire 100 per cent of the shares in Senex.

The company confirmed on Friday that it had lodged with the Australian Securities and Investments Commission (ASIC) an office copy of the orders made by the Federal Court of Australia approving the scheme of arrangement.

The scheme is now legally effective, and it is expected that quotation of Senex shares on the ASX were suspended from the close of trading on Friday, March 18.

Last week, Senex confirmed that its shareholders has approved the scheme of arrangement under which K-A Energy 1 acquiring 100 per cent of the issued shares in Senex.

In December, the company entered into a binding scheme implementation agreement (SIA) with POSCO International, whereby the company would acquire 100 per cent of Senex’s shares for a cash offer price of $4.60 per share.

 

 

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