Addax Petroleum Share Discussion Threads

[tamtam3] 24/6/2009 11:34

I believe it's 2.30PM abcd1234
Tamtam

[abcd1234] 24/6/2009 11:27

what time, GMT, does canada open?...ta

[tamtam3] 24/6/2009 11:22

This is only the beginning.IMO
Canada probably opening in the fities
Tamtam

[trint76] 24/6/2009 11:21

Will be interesting to see how the Indian companies react although the board have unanimously recommended acceptance. It's my interpretation that the C$52.80 offer represents £27.92 sterling.

[diggsy] 24/6/2009 11:13

Wait till canada opens up....whats your thoughts from here on in guys, we could get a counter offer...this difinative agreemenbt is not a done deal?

[tamtam3] 24/6/2009 11:13

Could this be the reason Lee$on?

ADDAX PETROLEUM ANNOUNCES C$52.80 PER SHARE CASH OFFER BY SINOPEC INTERNATIONAL PETROLEUM EXPLORATION AND PRODUCTION CORPORATION


Calgary, June 24, 2009 /CNW/ - Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX: AXC and LSE: AXC) announced today that it has entered into a definitive agreement (the "Support Agreement") with Sinopec International Petroleum Exploration and Production Corporation ("SIPC") pursuant to which SIPC has agreed, subject to the terms of the Support Agreement, to make an offer to acquire all of the outstanding common shares of Addax Petroleum by way of a negotiated take-over bid (the "Offer") for C$52.80 per common share in cash. The Offer represents a 47% premium to the closing market price on the TSX of the Addax Petroleum common shares on June 5, 2009, the day prior to Addax Petroleum's public announcement that it was in preliminary discussions with parties regarding a potential transaction. SIPC is a wholly owned subsidiary of China Petrochemical Corporation ("Sinopec Group") and undertakes overseas investments and operations in the upstream oil and gas sector. Sinopec Group is China's largest producer and supplier of oil products and major petrochemical products.

The Support Agreement provides for, among other things, customary provisions relating to support of Addax Petroleum's board of directors, non-solicitation and right to match covenants in favour of SIPC and the payment to SIPC of a termination fee of C$300 million if the acquisition is not completed in certain specified circumstances. The obligation of SIPC to take up and pay for Addax Petroleum common shares pursuant to the Offer is also subject to the receipt of certain approvals from the Government of The People's Republic of China. SIPC has agreed to pay a break-up fee of C$300 million in the event that all approvals required to be obtained by SIPC from the Government of The People's Republic of China have not been obtained by August 24, 2009 and Addax Petroleum elects to terminate the Support Agreement. The acquisition of the Addax Petroleum common shares is not conditional on financing.

In connection with the Offer, AOG Holdings BV, a wholly owned subsidiary of the Addax & Oryx Group Ltd, and Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum, have each entered into lock-up agreements with SIPC pursuant to which they have agreed to, among other things, tender their Addax Petroleum common shares to the Offer. Addax Petroleum's other senior officers and directors will also enter into lock-up agreements. The total lock-up agreements represent approximately 38% of outstanding Addax Petroleum common shares (calculated on a fully-diluted basis).

The Support Agreement also provides that if SIPC acquires not less than 66⅔% of the outstanding Addax Petroleum common shares under the Offer, SIPC will comply, or cause Addax Petroleum to comply, with the terms of the 3.75% convertible notes of Addax Petroleum due May 31, 2012.

Addax Petroleum's board of directors, after consulting with its financial and legal advisors, has unanimously determined that the Offer is fair to the holders of Addax Petroleum common shares and is in the best interests of Addax Petroleum and has recommended acceptance of the Offer by holders of Addax Petroleum common shares. RBC Capital Markets, the financial advisor to Addax Petroleum's board of directors, has provided an opinion that the consideration to be received by the holders of Addax Petroleum common shares under the Offer is fair, from a financial point of view, to such holders.

Commenting, Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said: "We are pleased that Sinopec has recognised the highly attractive asset portfolio and exceptional team that we have assembled at Addax Petroleum. The efforts and accomplishments that Addax Petroleum has achieved thus far will be built on through increased investment in the business and acceleration of development and exploration plans. While Addax Petroleum will cease to be a publicly traded company, we look forward to continuing our business in the countries in which we operate for the benefit of all stakeholders."

Formal documentation relating to the take-over bid is expected to be mailed by SIPC in early July 2009. The Offer will be open for acceptance for a period of not less than 35 days and will be conditional upon, among other things, valid acceptance of the Offer by Addax Petroleum shareholders owning not less than 66 2/3% of the outstanding Addax Petroleum common shares (calculated on a fully-diluted basis). In addition, the Offer will be subject to certain customary conditions, relevant regulatory approvals including the receipt of approval from the Government of The People's Republic of China and the absence of any material adverse change with respect to Addax Petroleum. SIPC may waive certain conditions of the Offer in certain circumstances. If the Offer is successful, SIPC has agreed to take steps available to it under relevant securities laws to acquire any remaining outstanding Addax Petroleum common shares.

RBC Capital Markets is acting as financial advisor and Fasken Martineau DuMoulin LLP is acting as legal counsel to Addax Petroleum and Osler, Hoskin & Harcourt LLP is acting as legal counsel to the Board of Directors of Addax Petroleum.

[leeson31] 24/6/2009 10:47

cool, roll on 3000p ! lol

:p

[trint76] 24/6/2009 10:39

what are peoples thoughts on that offer...?

[goofball25] 24/6/2009 10:37

looks like a £28.43 all cash offer based on RNS

[bluepill] 23/6/2009 21:05

is that a leaking indicator?
share price spiked up this evening in toronto, looking good for news tomorrow.
fingers crossed

[leeson31] 23/6/2009 19:01

spiked to c$46 in canada

[lukethefool] 23/6/2009 13:24

Annual meeting to be held on Thursday so we might get more information there



3 weeks of trucking oil out of Taq Taq. I wouldn't mind an update on how it's going from the company..

ltf

[leeson31] 23/6/2009 07:58

in auction at 2500p 100 shs...

[bluepill] 22/6/2009 23:32

Strange the price hasn't moved up further in the last week. It looks as though the minmum this is going for is about £32 per share. Now that it seems KNOC, Sinopec, ONGC and RIL are in the mix plus possible CNOOC as well this should get a decent price. Why would they still be stepping into the mix if they weren't prepared to offer more.
Just hope it gets sorted out soon.
My impatience is driving me crazy

[diggsy] 22/6/2009 08:55

Morning all, looks like this could be hotting up this week....anysign of weakness and ill be topping up.

[leeson31] 22/6/2009 07:30

today should be interesting.....

[tamtam3] 22/6/2009 07:03

Indian duo tipped as contenders for ADDAXa
Tamtam

[bluepill] 20/6/2009 22:41

Just read through today's telegraph and they have devoted almost the entire market report to Addax story with banner headline 'Indians said to be third bidder for Addax' and picture of Jean Claude Gandur. With the caption- 'CEO of Addax, is rumoured to be keen to do a deal'
You couldn't ask for much more really.
Last weekend Sunday times on front page of business section, theis weekend telegraph leading its market report.
These writers must be pretty certain or there's going to be a lot of egg on fsces all round. Me included!

[bluepill] 20/6/2009 19:12

Nothing new relating to the bid here but there's a good read about the founder.

[trint76] 20/6/2009 09:27

Ahh, I should've read the earlier posts...What caught my eye with the Indian bid was that Reliance may be involved and they, coupled with Hardy Oil, had just made huge potential discoveries. So this is looking good..

[tamtam3] 20/6/2009 09:12

Bleupill and others FWIW we have an ADDAX board @ Ihub too which I believe you can post on with the ADVFN account without having to log in.
There's not much chat yet but all the posts are welcome.

Regards
tamtam

[bluepill] 19/6/2009 23:50

Its reassuring that of the press comment, most has been in major nationals
Sunday times, Times, FT, Telegraph, WSJ.
These can't all be lazy journalists regurgitating the same story.
The telegraph adds yet more information to the picture.
It does seem credible.
Fingers crossed.

If there is an auction occurring can the company keep quiet about it or do they have to report it?

Do they just have to report the outcome/winner?

Do the losers have to report that they were involved?

TIA

[bluepill] 19/6/2009 23:35

Glad I didn't sell out when it touched £30 on monday.

[bluepill] 19/6/2009 23:34

I think this will go for between £32 and £34 per share.
Next week