Zeta offers A$22.1m for Pan Pacific Petroleum
PERTH (miningweekly.com) – ASX-listed junior Zeta Resources has made a play for fellow listed Pan Pacific Petroleum, offering Pan Pacific shareholders either 3.8c in cash for each share held, or one Zeta share for every ten Pan Pacific shares held.
The offer valued Pan Pacific at A$22.1-million, with the cash offer price representing a 41% premium to Pan Pacific’s last closing price on the ASX, while the share offer represented a 42% premium to the company’s last closing price.
Zeta already has a 50.91% interest in Pan Pacific, and has told the remaining shareholders that the cash consideration offered an opportunity to realise immediate value for their shares, while the share consideration would allow shareholders to hold an interest in Zeta.
“This is a compelling proposal and provides Pan Pacific shareholders with the opportunity to realise a significant premium, either by cash or Zeta scrip,” said Pan Pacific director Patrick Burke.
The company’s independent directors have unanimously recommended that shareholders accept the offer in the absence of a superior proposal, and subject to an independent expert concluding that the offer was in the best interest of shareholders.
Pan Pacific recently completed the sale of its 15% interest in the Tui areas oilfields, offshore New Zealand, as well as its 5% interest in a Vietnamese block.
Zeta earlier this year also launched an offmarket takeover offer for fellow listed Bligh Resources, offering 3.8c a share for the Australian company which was developing the Bundarra gold project, in Western Australia.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
As a reticulator, Egoli Gas provides natural gas to homes and businesses via underground pipes.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
