Victoria-based oil and gas explorer Nexus Energy Ltd has acquired a 10.9 per cent stake of Sydney rival Anzon Australia Ltd via on-market purchases and an off-market exchange.
The full text of a Nexus press release is pasted below
Nexus Energy Limited ("Nexus") has acquired a relevant interest of 40.4 million shares in Anzon Australia Limited ("Anzon"). This strategic stake represents 10.91% of the current issued capital of Anzon.
The relevant interest of 10.91% has been acquired via on-market purchases and an off-market exchange of Nexus shares for Anzon shares.
The on-market purchase of 26.8 million shares was acquired at a volume weighted average price of just under $1.69 per share.
The off-market acquisition of 13.6 million shares from a subsidiary of Viking Shipping Limited ("Viking") in exchange for shares in Nexus based on an exchange ratio of 1.1 Nexus shares for 1 Anzon share.
The off-market acquisition of 13.6 million shares from Viking was acquired in two tranches:
tranche one being the unconditional agreement to purchase 10.9 million shares and tranche two being the agreement to purchase 2.7 million shares which is conditional on FIRB approval.