The board of Central Petroleum Limited
(ASX:CTP) has unanimously recommended the improved proposal takeover bid, from Macquarie Group’s
(ASX:MQG) subsidiary, Macquarie MPVD Pty Ltd.
Macquarie MPVD's revised proposal is to buy all of Central Petroleum’s shares that it doesn’t already own for a $0.20 cash consideration, for each Central Petroleum share, plus a Contingent Value Note (CVN)'
The oil and gas explorer and producer says the Contingent Value Note will be determined by the success of several projects.
Macquarie MPVD's upfront cash consideration is a 14% increase on its earlier non-binding bid.
The board of Central Petroleum Limited
(ASX:CTP) says the takeover represents attractive value to its shareholders, especially at time when the miner needs a major injection of capital to meet Australia’s gas shortage.
Central Petroleum Limited
(ASX:CTP) reported a $6.15 million loss for the half-year to 31 December 2016.
