King Country Energy Limited


Transaction Type: Takeover (Full)

Offeror: King Country Energy Joint Venture

Independent Adviser(s): Simmons Corporate Finance (Rule 21)

Offer commencement date: 5/01/2018

Offer closing date: 2/03/2018


On 6 December 2017, King Country Energy Joint Venture (KCE JV) issued a takeover notice advising that it intended to make a full offer to purchase all of the fully paid ordinary shares in King Country Energy Limited (KCE). The consideration was $5.00 cash per share. 

KCE JV was a joint venture formed between KCE’s largest shareholder, King Country Energy Holdings Limited (65.07%), and the King Country Electric Power Board Trust, the second largest shareholder (19.98%).

On 5 January 2018, KCE JV issued a despatch notice that it had sent the offer to KCE shareholders. 

The independent adviser assessed the value of KCE’s shares in the range of $4.37 to $5.47. The offer price was above the midpoint, at $4.92. 

On 16 January 2018, KCE sent the target company statement to shareholders. The Independent Committee of Directors unanimously recommended that shareholders accept the offer.  

On 14 February 2018, KCE JV extended the offer from 16 February to 2 March 2018. 

On 19 February 2018, KCE JV gave notice that it had become the dominant owner of KCE.

Simmons Corporate Finance prepared a rule 21 independent adviser's report.