Release: Novus takeover response statement
Monday, December 22 2003 - 02:17 AM WIB
22 DECEMBER 2003
NOVUS TAKEOVER RESPONSE STATEMENT
Novus Petroleum Limited (?Novus?) has been notified that PT Medco Energi Internasional Tbk (?Medco?) is launching an off market takeover offer for all of Novus? issued capital at $1.74 in cash per share.
The Board of Novus has not yet received a copy of Medco?s bidder?s statement but notes from Medco?s announcement that the offer will be highly conditional.
Whilst the Directors have yet to consider the offer in detail, it is immediately clear that the offer may not have taken into account the underlying value of the company.
As such, the Directors advise shareholders not to take any immediate action on the basis of the offer, and not to sell their shares in Novus until further details are available.
A further statement will be issued by Novus as soon as we have more information. Novus has appointed Merrill Lynch and Mallesons Stephen Jaques as advisors. (End of Release)
For further information please contact:
Bob Williams or Mike Sandy, Novus Petroleum at 02 9299 4888
http://www.novuspetroleum.com