Mineral Resources (MinRes) has announced that it has secured control of Norwest Energy.
MinRes’ voting power in Norwest increased to 53.86 per cent on February 16, giving the mining services company control of Norwest.
The closing date for acceptance by Norwest shareholders is now extended to March 2.
Norwest recommended that its shareholders accept the offer of $497 million in January this year.
In accepting, Norwest shareholders will receive one fully paid ordinary MinRes share for every 1300 Norwest shares.
Any shareholders who do not accept the offer will become minority shareholders in the company.
“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.
“Accepting our offer is a no-brainer. Those who don’t accept will be left behind in a MinRes-controlled company with none of the upside of being a MinRes shareholder or exposure to our world-class portfolio of diversified assets.
“Those who fail to promptly accept our revised offer will also miss out on receiving our interim dividend and risk having their own share price and liquidity diminish – but will still have to shoulder the burden of their share of significant Perth Basin exploration and development risk.”