CROSBY CAPITAL PARTNERS AND ESKDALE PETROLEUM PTY LTD CONFIRM TAKEOVER APPROACH TO ORCHARD PETROLEUM LTD
Eskdale Petroleum Pty Ltd (Eskdale), a wholly owned subsidiary of Crosby CapitalPartners Inc. (Crosby), has approached the Board of Orchard Petroleum Limited (ASX:OPL) (Orchard) and informed it that Eskdale intends to make a cash takeover offer for Orchard at $0.68 per share,
As of the time of this announcement, Eskdale has an interest in 23,785,039 Orchard shares representing 11.89% of the total issued shares of Orchard and 10.98% on a fully diluted basis.
Orchard and Crosby are currently in discussions about the detailed terms and conditions ofthe Proposed Offer.
On the basis of the Proposed Offer, Orchard is valued at approximately A$147.26 millionon a fully diluted basis.
About Crosby Capital Partners
Crosby Capital Partners Inc. is a leading independent, deal-focused, Asia-oriented merchant banking and asset management group.
of the London Stock Exchange (Stock Code: CSB LN). Through its merchant banking activities Crosby has a number of direct and indirect holdings in upstream oil and gas companies operating in the US market.
Media enquiries
please contact: Mr. John Gardner Savage & Partners Phone: +612 8281 3237 Mobile: +61 (0)413 355 997 Email:john@sandp.com.au