Adelphi Energy

AWE Limited subsidiary ARC Energy has announced it has achieved a 51.2 per cent ownership of Adelphi Energy, taking control of the company.

The board of Adelphi Energy says it will unanimously accept a revised takeover offer by AWE Limited subsidiary ARC Energy, advising shareholders to also accept the offer if they are worried about being minority shareholders.

ARC Energy is urging shareholders to disregard advice from the board of Adelphi and approve its takeover bid.

West Perth-based Adelphi Energy has urged its shareholders to take no action regarding an on-market takeover offer launched today by its major shareholder, oil and gas company AWE.

West Perth-based Adelphi Energy Ltd plans to raise $5.7 million through a non-renounceable rights issue with major shareholder ARC Energy Ltd subscribing for about 32 per cent of shares.

2-Feb-06Euroz LtdCeased to be a substantial shareholder