Independent Adviser(s): Simmons Corporate Finance (Rule 18)

Company Meeting Date: 31/05/2012

Transaction summary:

Todd Energy Limited (“Todd Energy”) was one of two substantial shareholders in in King Country Energy Limited (“KCE”), holding 35.38% of the shares.

KCE proposed to acquire Todd Energy’s 50% share in the Mangahao Power Station for $70 million. The consideration for the proposed transaction was $33.76 million in cash and 7.63 million new KCE shares issued to Todd Energy at $4.75 per share.

The proposed transaction would result in Todd Energy increasing its control of the voting rights in KCE to 54.07%, requiring shareholder approval under rule 7(d) of the Code.

The transaction was approved at the meeting of shareholders on 31 May 2012.

Key Documents

Notice of Meeting: