Sundance Energy Announces Australian Federal Court Approves Shareholder Meeting to Vote on Proposed Re-Domiciliation
DENVER, Oct. 02, 2019 (GLOBE NEWSWIRE) — Sundance Energy Australia Limited (ASX: SEA) (NASDAQ: SNDE) (“Sundance” or the “Company”) a U.S. onshore oil and gas exploration and production company focused in the Eagle Ford in South Texas, is pleased to announce that the Federal Court of Australia has approved orders to convene a meeting of Sundance shareholders to consider and vote on the Company’s proposed re-domiciliation via a Scheme of Arrangement (the “Scheme”), under which a newly formed US corporation (“Holdco”) would become the ultimate parent company of the Sundance group of companies following the Scheme. Pursuant to the Scheme, existing Sundance shareholders will be entitled to receive one share in Holdco for every 100 Sundance shares held on the Scheme record date. If the re-domiciliation proposal is approved, Sundance’s primary listing will move from the Australian Securities Exchange to the Nasdaq Global Market.
The Company has registered the Scheme Booklet as approved by the Federal Court with the Australian Securities and Investments Commission. The Scheme Booklet includes the Notice of Scheme Meeting and an Independent Expert’s Report prepared by KPMG Financial Advisory Services (Australia) Pty Ltd, which concludes that, in their opinion, the Scheme is in the best interest of Sundance shareholders. A full copy of the Scheme Booklet and proxy form will be sent to Sundance shareholders on or about October 10, 2019.
The Scheme meeting will be held on Friday, November 8, 2019 at the offices of Baker McKenzie, Tower One – International Towers Sydney, Level 46, 100 Barangaroo Avenue, Sydney NSW 2000, commencing at 10:00 am (Sydney time). Sundance shareholders may vote either by attending the Scheme meeting in person or by proxy.
It is expected that, if all required approvals are obtained, the re-domiciliation will be completed during November 2019.
About Sundance Energy Australia Limited
Sundance Energy Australia Limited (“Sundance” or the “Company”) is an Australian-based, independent energy exploration company, with headquarters in Denver, Colorado, USA. The Company is focused on the acquisition and development of large, repeatable oil and natural gas resource plays in North America. Current activities are focused in the Eagle Ford. A comprehensive overview of the Company can be found on Sundance’s website at www.sundanceenergy.net
The following disclaimer applies to this document and any information contained in it. The information in this release is of general background and does not purport to be complete. It should be read in conjunction with Sundance’s periodic and continuous disclosure announcements lodged with ASX Limited that are available at www.asx.com.au and Sundance’s filings with the Securities and Exchange Commission available at www.sec.gov.
This release may contain forward-looking statements. These statements relate to the Company’s expectations, beliefs, intentions or strategies regarding the future. These statements can be identified by the use of words like “anticipate”, “believe”, “intend”, “estimate”, “expect”, “may”, “plan”, “project”, “will”, “should”, “seek” and similar words or expressions containing same.
These forward-looking statements reflect the Company’s views and assumptions with respect to future events as of the date of this release and are subject to a variety of unpredictable risks, uncertainties, and other unknowns. Actual and future results and trends could differ materially from those set forth in such statements due to various factors, many of which are beyond our ability to control or predict. These include, but are not limited to, risks or uncertainties associated with the re-domiciliation (including the ability to recognize any benefits therefrom), discovery and development of oil and natural gas reserves, cash flows and liquidity, business and financial strategy, budget, projections and operating results, oil and natural gas prices, amount, nature and timing of capital expenditures, including future development costs, availability and terms of capital and general economic and business conditions. Given these uncertainties, no one should place undue reliance on any forward-looking statements attributable to Sundance, or any of its affiliates or persons acting on its behalf. Although every effort has been made to ensure this release sets forth a fair and accurate view, we do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this press release have not been registered under the US Securities Act of 1933, as amended, and may not be offered or sold in the United States except in transactions exempt from, or not subject to, registration under the US Securities Act and applicable US state securities laws.
For more information, please contact:
VP Finance & Investor Relations
Tel: +1 (720) 638-2400
CEO and Managing Director
Tel: +1 (303) 543-5703
Tel: +61 8 8363 0388