From Australia (RW): Australian minnows Neon Energy and MEO Australia have decided to merge into a 50:50 new entity.
It will be an all-scrip deal where MEO shareholders will exchange each of their shares for 0.74 Neon shares.
The deal will give Neon access to a wider portfolio, while MEO gains access to more funding. Neon had A$19.6mn in cash at the end of the Q3. The company also has an exploration permit in the Dampier Sub-basin off Western Australia. Neon recently withdrew from Indonesian and Vietnamese licences. MEO’s permits encompass Asia Pacific, including New Zealand, Western and Northern Australia and Indonesia.
The boards of both companies have recommended the merger to shareholders. Pending approval, the merger is due to occur in late January-early February next year.
In other business news, Chinese company Fosun International has closed its takeover bid for Roc Oil (SEN, 31/13) after receiving acceptances 92.5% of shareholders. Fosun is now entitled to compulsorily acquire the remaining shares.
Singapore-based Ezion Holdings has sold its marine supply base business to construction- maintenance firm AusGroup for A$49.4mn. The deal involves Ezion’s offshore logistics hub and Teras Australia business, formed in 2011 to expand Ezion’s geographical footprint in Australia to support the industry.
Ezion is a 17.8% shareholder in AusGroup and has acquired 110mn share options in the company at an exercise price of 37¢/option.
Ezion says the consolidation of its supply base business into AusGroup will enable it to focus on rig servicing while continuing to participate in the marine base sector.
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