RELEASE: Novus Petroleum: Response to announcements from Sunov and Medco
Monday, June 7 2004 - 03:25 AM WIB
On 4 June 2004, Sunov announced that it will not be increasing its $1.85 cash per share offer for all the issued shares in Novus Petroleum Limited (?Novus?) and that it will not be extending its offer beyond the current closing date of 17 June 2004. On 7 June 2004, Medco provided further information in relation to its $1.90 cash per share offer, including details regarding transactions it proposes to enter into involving Novus? assets and a proposed extension of the Medco offer closing date.
The Independent Directors had previously recommended that Novus shareholders accept the unconditional $1.90 cash per share offer from Medco and had indicated that they intend to accept the Medco offer in relation to their own shares, in both cases in the absence of an offer emerging which the Independent Directors considered superior. Given the announcement of 4 June 2004 from Sunov and the fact that over 5 months have elapsed since Medco?s offer was first launched, the Independent Directors consider the prospect of a superior offer emerging to be extremely remote. Accordingly, the Independent Directors reiterate their recommendation that Novus shareholders accept the Medco offer and restate their intention to accept Medco?s offer in relation to their own shares, in both cases in the absence of an offer emerging which the Independent Directors considered superior.
The Independent Directors note that Medco intends to extend the Medco offer so that it will close at 7.00pm (Melbourne time) on 15 June 2004 (unless further extended). The Medco offer is now effectively the only offer for Novus and the Independent Directors urge Novus shareholders to promptly accept the unconditional $1.90 cash offer per share. (end of release)
FOR FURTHER INFORMATION please contact:
Elaine Connor or Mike Sandy, Novus Petroleum 02 9299 4888
http://www.novuspetroleum.com