Beach Energy Limited · ASX:BPT
Beach Energy — Drillsearch Energy — Merger or Acquisition (January 2016)
18 slides from Beach Energy's merger presentation, Jan 27, 2016
Slide 1: Scheme Meeting Presentation by Chairman Jim McKerlie
SCHEME MEETING PRESENTATION BY CHAIRMAN JIM MCKERLIE 27 JANUARY 2016
Slide 2: Important Notice
IMPORTANT NOTICE Forward Looking Statements These materials contain forward looking statements. Often, but not always, forward looking statements may be identified by the use of words such as “may”, “will”, “expect”, “intend”, “target”, “anticipate”, “continue”, “guidance” and “outlook”, or similar
Slide 3: Welcome
WELCOME The Drillsearch Board would like to welcome you to the Scheme Meeting Jim McKerlie Philip Bainbridge Teik Seng Cheah Chairman Non-Executive Director Non-Executive Director Fiona Robertson Ross Wecker Non-Executive Director Non-Executive Director 3 DRILLSEARCH SCHEME MEETING JANUARY 2016
Slide 4: Background to the Scheme
BACKGROUND TO THE SCHEME • All-scrip merger with Beach Energy via a scheme of arrangement Structure • Drillsearch shareholders will receive 1.25 Beach shares for each Drillsearch share held Combined • Drillsearch shareholders to own ~30%1 of the combined group group • Glenn Davis to continue as Chai
Slide 5: Merger Benefits
MERGER BENEFITS Creating the leading ASX-listed oil and gas mid-cap Synergies from two complementary businesses Strategies aligned around a Cooper focus, East Coast Gas and nearby Australia Existing shared values and a track record of joint venture success Primed to pursue growth opportunities Cre
Slide 6: Cooper Basin at the Core for Both Companies
COOPER BASIN AT THE CORE FOR BOTH COMPANIES Combined interests in permits covering ~69,000 km2 6 DRILLSEARCH SCHEME MEETING JANUARY 2016
Slide 7: Recent Market Developments
RECENT MARKET DEVELOPMENTS As foreshadowed in the Scheme Booklet, volatility in global oil markets continues Impact of oil price – persistently below US$40/bbl for the past two months: • Australian exploration and production companies highly leveraged to oil price • Since the merger was announced: –
Slide 8: Two Companies Aligned on Strategy
TWO COMPANIES ALIGNED ON STRATEGY Underpinned by similar values and approach, and a history of successful partnership Cooper Basin core provides platform to consider the emerging opportunity set created by the weakness in Cooper East coast oil prices Basin core gas market Emerging opportunities in A
Slide 9: Indicative Timetable
INDICATIVE TIMETABLE Event Date Drillsearch shareholder meeting to vote on the scheme 11.00am, 27 January 20161 Second Court Date 18 February 2016 Scheme Effective Date 18 February 2016 Record Date 7.00pm, 25 February 2016 Implementation Date (Indicative) 1 March 2016 1. These dates and times are in
Slide 10: Questions
QUESTIONS Questions regarding the proposed Merger 10 DRILLSEARCH SCHEME MEETING JANUARY 2016
Slide 11: Formal Business
FORMAL BUSINESS 11 DRILLSEARCH SCHEME MEETING JANUARY 2016
Slide 12: Notice of Scheme Meeting
NOTICE OF SCHEME MEETING Notice of Scheme Meeting Dated 16 December 2015 12 DRILLSEARCH SCHEME MEETING JANUARY 2016
Slide 13: Scheme Resolution
SCHEME RESOLUTION To consider and, if thought fit, to pass the following resolution in accordance with section 411(4)(a)(ii) of the Corporations Act 2001 (Cth): That, pursuant to and in accordance with section 411 of the Corporations Act 2001 (Cth), the proposed scheme of arrangement between Drillse
Slide 14: Voting Thresholds
VOTING THRESHOLDS For the resolution to be passed, voting must meet two thresholds: • more than 50% in number of Drillsearch Shareholders (other than Excluded Shareholders) who are present and voting at this scheme meeting, either in person or by proxy, attorney or, in the case of a corporation, its
Slide 15: Proxy Voting
PROXY VOTING Drillsearch has received 259,671,725 valid proxy votes representing 926 holders and 58.86% of our issued share capital eligible to vote on the resolution Number of Number of Holders Votes For 761 254,697,339 Against 55 2,885,357 Open 107 2,048,942 Totals 923 259,631,638 Abstain 4 40,087
Slide 16: Voting by Poll
VOTING BY POLL On a poll, every member who is present in person or by proxy, attorney or representative has one vote for each share held. Each voting shareholder or proxyholder who registered today received a yellow voting card. Each shareholder and proxy holder must mark their voting intention on t
Slide 17: Thank You
ON BEHALF OF THE BOARD OF DIRECTORS Thank You Shareholders Fellow Directors Chief Executive Executives Staff Joint venture partners Advisers Suppliers 17 DRILLSEARCH SCHEME MEETING JANUARY 2016
Slide 18: Head Office
HEAD OFFICE Level 18 321 Kent Street Sydney NSW 2000 P: +61 2 9249 9600 F: + 61 2 9249 9630 E: [email protected] W: drillsearch.com.au Please contact for further information Dudley White General Manager – Corporate Communications DRILLSEARCH SCHEME MEETING JANUARY 2016
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