Oil and Gas News

POSCO step closer to Senex acquisition

Posco

Senex Energy has confirmed that its shareholders have approved the scheme of arrangement under which K-A Energy 1, subsidiary of POSCO International, will acquire 100 per cent of the issued shares in Senex.

Senex advises that the resolution to prove the scheme, as set out in the meeting in February, was passed by the requisite majorities of Senex shareholders at the scheme meeting held on Tuesday.

The Scheme remains subject to the approval of the Court at the hearing scheduled for Friday and certain other conditions.

If the Court approves the scheme, Senex proposes to lodge a copy of the orders of the Court with the Australian Securities and Investments Commission (ASIC) on the same day (Friday, 18 March 2022) at which time the scheme will become legally effective.

At the meeting, 93.77 per cent of the votes cast by Senex shareholders were in favour of the scheme resolution; and 75.89 per cent of Senex shareholders present and voting at the meeting voted in favour of the scheme resolution.

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

This news followed  after the Korean company made Senex its offer of $4 a share.

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