21/01/2008 - 15:35

Anzon Energy votes in favour of ARC merger

21/01/2008 - 15:35

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Shareholders in Anzon Australia's parent company, Anzon Energy Ltd, have voted overwhelmingly in favour of the proposed Arc Energy and Anzon Australia merger.

Anzon Energy votes in favour of ARC merger

Shareholders in Anzon Australia's parent company, Anzon Energy Ltd, have voted overwhelmingly in favour of the proposed Arc Energy and Anzon Australia merger.

An extraordinary general meeting of Anzon Energy shareholders was held today to authorise its board to vote its 53.1 per cent stake in Anzon Australia in favour of the merger.

Approximately 60 per cent of Anzon Energy shares were voted at the EGM, with 99.9 per cent of the votes cast being in favour of authorising the Anzon Energy board to support the merger.

Anzon Australia shareholders will vote on the merger proposal at scheme meetings on January 29, 2008.

ARC managing director Eric Streitberg welcomed the support of Anzon Energy shareholders for the merger proposal.

"The support validates the decision by the Boards of Anzon Australia and AEL to endorse the merger and confirms the tremendous opportunity that a merger between ARC and Anzon Australia will create, combining high quality, diverse assets to build a company with low risk, long run production, significant near term appraisal potential
and high upside exploration."

"With a much greater market capitalisation and significantly greater market liquidity, the combined entity may also benefit from a re-rating on the sharemarket and possible inclusion in the S&P/ASX200 index."

Anzon Australia chairman Steven Koroknay said the merger would create one of Australia's leading independent oil and gas companies.

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