Fortbridge Media ReleaseCue Energy Limited [ASX:CUE] - Cue Energy � Targets Statement in relation to the on-market cash takeover offer by NZOGCue Energy Resources (ASX: CUE) Targets Statement sets out the CUE Directors response to the Offer and contains their recommendation, reasons for that recommendation, and other important information shareholders should consider when deciding whether to accept or reject the Offer.
The Directors believe that the Offer Price of $0.10 per Cue Energy share is inadequate and substantially undervalues Cue Energy Shares.
Accordingly, the Directors unanimously recommend that shareholders REJECT the Offer.
The Directors believe that shareholders should REJECT the Offer because:
* The Offer Price of $0.10 per share substantially undervalues Cue Energy
* The timing of the Offer is opportunistic
* NZOG Offshore already holds a 19.99% interest in the shares of Cue Energy, and is seeking to gain control of Cue Energy without paying an appropriate control premium
* Cue Energy has an existing, clear strategy for its business, which is designed to maximise value for all Shareholders. The Board believes that its strategy is superior to NZOG Offshores announced intentions.
The Directors have appointed an Independent Expert, Grant Samuel, to prepare an Independent Experts Report opining on whether or not the Offer is fair and reasonable to Cue Energy Shareholders.
The Independent Experts Report will be made available to Cue Energy Shareholders in a supplementary Targets Statement expected to be released to the ASX on or about 2 March 2015.
Please download the attached release for further information
For further information please contact:
Geoffrey J. King
Chairman
T: (03) 8610 4000
E:
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