Elders Res. full out
NZPA-AAP Brisbane Elders Resources, Ltd, has announced plans to gain full control of TMOC Resources, Ltd, formerly The Moonie Oil Co, Ltd, via an on-market takeover offer valuing the oil and gas producer at SAustlsB million.
The 255 c a share offer, to be made through Bris-
bane brokers Henderson, Park, Earnshaw and Petfield, compares with a pre-bid price of 225 c. The resources arm of the Elders IXL, Ltd, group is already TMOC’s largest shareholder with 19.9 per cent of issued capital and had been tipped by brokers to increase this holding through a takeover bid.
. The holding in TMOC combines with a 15 per i cent holding in Santos, Ltd, and a 23 per cent f holding in Bridge Oil to ) give Elders a strategic t position in the Cooper and r Surat oil and gas fields j It reported a rise in net y earnings to SAust7.92 s million for the 1985-86 - June year from the previous year’s 55.41 million.
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Press, 17 December 1986, Page 46
Word Count
167Elders Res. full out Press, 17 December 1986, Page 46
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