HONG Kong-listed Fosun International has moved to acquire the outstanding shares of Roc Oil Company Limited after it successfully acquired 92.6 per cent of the group’s issued capital.
Fosun subsidiary Transcendent Resources made a cash offer of 69 cents per Roc share after Roc had launched plans to merge with Horizon Oil.
The offer, which was deemed to be superior by the Fosun board, moved above the 90% ownership threshold on 14 November – allowing it to proceed with compulsory acquisition of the remaining shares under the Corporations Act.
Transcendent will also move to delist Roc from the Australian Securities Exchange following the conclusion of the deal.
ROC shares were suspended from trade on 19 December.
The move followed ROC chairman Mike Harding’s resignation from the company board – with Fosun Energy Group president Bin Zhao to replace him in the role.
Mr Harding wished the company and its board well in its future endeavours.
“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,” he said.
His fellow directors Robert Leon and Graham Mulligan also resigned from the board in November, with Fosun nominees Yuanlin Jiang, Yao Xu and Qunbin Wang replacing them on the board.
Mr Wang is one of the founders of Fosun Group and is the company’s president and executive director. He was also once a lecturer at the Genetic Research Group of Fudan University.
Dr Jiang is managing director of Fosun Energy Group, leading the company’s North American energy sector acquisition business.
Mr Xu is general manager of the company’s international legal department.
Roc Oil operates the Zhao Dong oilfields and Block 09/05 in China’s Bohai Bay and has production interests and prospects in the Beibu Gulf, as well as other prospects in Malaysia’s Balai Cluster.