Thursday, December 21, 2006
Hardman Resources: Scheme of arrangement becomes effective; shares suspended
Hardman Resources Limited advises that it has today lodged with the Australian Securities and Investments Commission a copy of the Orders of the Federal Court of Australia made on 19 December 2006 approving the Scheme of Arrangement ('Scheme') whereby Tullow Oil plc ('Tullow') acquires Hardman. The Scheme therefore becomes effective as of today.
As a result of Scheme becoming effective, three Tullow nominees, Messrs Tom Hickey, Graham Martin and Bill Torr have been appointed to the Hardman Board whilst Messrs Peter Raven, John Conlin and Peter Mansell have resigned.
Hardman also advises that Hardman shares will be suspended from trading on the Australian Stock Exchange from close of trading on ASX today. Hardman shares will also be suspended from trading on AIM prior to commencement of trading on AIM today.
Shareholders have until 7.00pm (Perth time) on 22 December 2006 to lodge a valid Election Form for Scheme Consideration, in the absence of which they will be deemed to have elected to receive Cash Consideration in respect of their shareholding in Hardman. The Record Date for participation in the Scheme is 2 January 2007 with implementation of the Scheme to be effected on 10 January 2007. Hardman intends to apply to the Australian Stock Exchange and the Alternative Investment Market of the London Stock Exchange on 11 January 2007 for cancellation of official quotation of Hardman securities on those exchanges from that date.
Hardman Chairman, Mr Robert Carroll commented that, "Hardman Resources shareholders have received from Tullow a compelling price for their shares, capturing several years of risked upside in the Hardman portfolio. Those shareholders receiving Tullow shares as part of their consideration will continue to participate in the future success of the Hardman assets, including those in Mauritania and Uganda, but within a more diversified exploration and production company.
"I and my colleagues on the Board would like to thank all our employees and contractors for their efforts over the years, and we wish them the very best for the future."
Hardman was advised by Emerald Partners and Morgan Stanley as exclusive financial advisers and Blake Dawson Waldron as legal advisers. The Company's brokers in the UK are JP Morgan Cazenove who have also provided financial advice during the year and Oriel Securities. Nabarro Wells & Co. Limited is Nominated Adviser to Hardman on AIM.
Source Stock Exchange Announcement(s)
As a result of Scheme becoming effective, three Tullow nominees, Messrs Tom Hickey, Graham Martin and Bill Torr have been appointed to the Hardman Board whilst Messrs Peter Raven, John Conlin and Peter Mansell have resigned.
Hardman also advises that Hardman shares will be suspended from trading on the Australian Stock Exchange from close of trading on ASX today. Hardman shares will also be suspended from trading on AIM prior to commencement of trading on AIM today.
Shareholders have until 7.00pm (Perth time) on 22 December 2006 to lodge a valid Election Form for Scheme Consideration, in the absence of which they will be deemed to have elected to receive Cash Consideration in respect of their shareholding in Hardman. The Record Date for participation in the Scheme is 2 January 2007 with implementation of the Scheme to be effected on 10 January 2007. Hardman intends to apply to the Australian Stock Exchange and the Alternative Investment Market of the London Stock Exchange on 11 January 2007 for cancellation of official quotation of Hardman securities on those exchanges from that date.
Hardman Chairman, Mr Robert Carroll commented that, "Hardman Resources shareholders have received from Tullow a compelling price for their shares, capturing several years of risked upside in the Hardman portfolio. Those shareholders receiving Tullow shares as part of their consideration will continue to participate in the future success of the Hardman assets, including those in Mauritania and Uganda, but within a more diversified exploration and production company.
"I and my colleagues on the Board would like to thank all our employees and contractors for their efforts over the years, and we wish them the very best for the future."
Hardman was advised by Emerald Partners and Morgan Stanley as exclusive financial advisers and Blake Dawson Waldron as legal advisers. The Company's brokers in the UK are JP Morgan Cazenove who have also provided financial advice during the year and Oriel Securities. Nabarro Wells & Co. Limited is Nominated Adviser to Hardman on AIM.
Source Stock Exchange Announcement(s)
