Nexus and Anzon in takeover tussle

Western Australian-based oil and gas player Nexus Energy Ltd and Anzon Australia Ltd are engaged in a takeover tussle, as Anzon attempts to take control of Nexus.

Anzon has raised some concerns with the Takeover Panel over statements attributed to Nexus in relation to Nexus's financial and production performance.

Specifically, Anzon believes Nexus did not provide reasonable grounds for making the statements, and did not provide sufficient details as to associated assumptions and risks.

Anzon also asserts Nexus made statements about its oil and gas assets contrary to Australian Stock Exchange listing rules.

Nexus prepared a draft response to Anzon issues, which Anzon in turn believed did not adequately address its concerns, and as a result Anzon has requested the Nexus announcement not be released.

The Takeover Panel is investigating the matter and will decide whether it plans to conduct proceedings on to generate a resolution.