Mineral Resources gains control of Norwest Energy
Sydney-listed Mineral Resources (MinRes) has secured control of Perth basin-focused Norwest Energy after its voting power in Norwest increased to 53.86%, it said on February 17.
As a result of MinRes' voting power in Norwest increasing to more than 50%, the closing date for acceptance of the revised offer by Norwest shareholders will be automatically extended to March 2.
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Accepting Norwest shareholders will receive one fully paid ordinary MinRes share for every 1,300 Norwest shares held, with MinRes shares to be issued within seven business days of acceptance.
"I'm delighted that so many Norwest shareholders have already accepted our revised offer and that we now have majority control of Norwest," MinRes managing director Chris Ellison said. "I urge Norwest's remaining shareholders to quickly accept our revised offer and benefit not just from our accelerated payment terms but by ensuring they become entitled to MinRes' interim dividend.”
Norwest is MinRes’ minority joint venture partner in the Lockyer Deep gas project in the Perth basin.
There has been a heightened interest in the onshore gas assets in Western Australia’s Perth basin in recent months. Earlier this week, Hancock Energy became the majority owner of Warrego Energy which also owns assets in the Perth basin.