The Remus Horizons takeover bid for FAR Ltd., Melbourne, will not proceed.
The final twist came in the form of two letters from Remus to FAR the week of Apr. 19.
Remus, headquartered in Guernsey, stated in the first letter that it is unable to lodge its promised bidder’s statement by Apr. 28 because its registration as a private investment fund has been suspended by the Guernsey Financial Services Commission.
The second letter, over a different Remus signature, stated that the intended takeover offer was not properly authorized by Remus and that Remus does not have the funding to complete the offer. It said that the takeover offer intention letter issued by Remus dated Apr. 14 contained factual inaccuracies and that the Remus board would not approve a bidder’s statement (OGJ Online, Apr. 15, 2021).
Upon receipt of the letters, FAR told the Australian Stock Exchange that it appears the proposed Remus takeover will not proceed.
FAR said that, accordingly, its board continues to strongly recommend shareholders vote in favor of the sale of its 13.67% interest in the Sangomar oil field development project in Senegal and its 15% stake in the surrounding RSSD permits at the scheduled shareholders’ meeting Apr. 28.
The offer still on the table is from Senegal project joint venture partner and Sangomar operator, Woodside Petroleum Ltd. Woodside has offered US$45 million for the interests.
If shareholders approve the deal at the reconvened meeting, FAR has said that it will be free of its Senegal defaults and will be able to continue to explore its other West African permits offshore Guinea.
