ROC Chairman Retires
Mike Harding has resigned from the ROC Board of the Company with immediate effect from today. An Independent Non-executive Director since June 2012, Mr Harding was elected Chairman of ROC in December 2013. The Board of ROC thanks Mr Harding for his leadership and invaluable contribution to the Company as a Director and particularly as Chairman, especially through the demanding period of the last 12 months. During this time Mr Harding has presided over the proposed merger of ROC with Horizon Oil and the subsequent takeover bid by Fosun International which has delivered outstanding value to ROC shareholders. "Whilst the last 12 months have been very demanding, I am pleased to be leaving the Company in good shape and ready for a new era under the ownership of Fosun.
ROC's Largest Shareholder Supports FOSUN Offer
Transcendent Resources Limited (Fosun), a wholly-owned subsidiary of Fosun International Limited and Roc Oil Company Limited, are pleased to announce that Fosun has received acceptance instructions from Allan Gray Australia Pty Ltd (18.9%) in respect of the off-market takeover bid by Fosun to acquire all of the ordinary shares in ROC (Offer). As at 1 October 2014, the total acceptances (Offer and Facility acceptances) in ROC have increased to ~29.3% of the issued share capital, reflecting a strong, positive response to the Offer.
ROC Propose to Acquire All ROC Shares
The ROC Board announced today that it has entered into a Bid Implementation Agreement (BIA) under which it is proposed that Fosun International Limited or a subsidiary of it (Fosun) will acquire all of the ROC shares currently on issue for A$0.69 cash per share by way of off-market takeover offers (Fosun Offer). A copy of Fosun’s announcement to the Hong Kong Stock Exchange earlier today is attached. an implied market capitalisation of ~A$474 million. Various other business conduct conditions until 5.00pm (Sydney time) on 19 October 2014. In making their recommendation, the ROC directors have carefully considered the Fosun Offer and determined in good faith that the Fosun Offer is more favourable to ROC shareholders than the proposed merger with Horizon.
