News

Geodynamics successfully acquires KUTh Energy

Geothermal drilling rig at Jolokia 1 well, Australia (source: Geodynamics)
Alexander Richter 11 Dec 2013

In a takeover offer, Australian Geodynamics has secured more than 90% of the issued shares in fellow listed geothermal developer KUTh Energy Limited. The company now has the right to acquire all remaining shares in KUTh Energy.

In a release this morning, Australian Geodynamics announces “that it now holds a relevant interest of 90.45% of the issued shares of KUTh Energy Limited
ACN 125 694 920 (KUTh), providing Geodynamics with the right to compulsorily acquire all the remaining KUTh shares for which it has not already received acceptances of its takeover Offer.

Compulsory acquisition notices will be sent soon to all KUTh shareholders who have not accepted Geodynamics’ takeover Offer. Following the sending of the compulsory acquisition notices, KUTh shares will be suspended from trading on the ASX, and KUTh Energy Limited will be removed from the official list of the ASX in due course.

The compulsory acquisition procedure will take approximately six weeks. At the conclusion of the compulsory acquisition procedure, Geodynamics will, in accordance with the requirements of the Corporations Act, issue the Geodynamics shares to which KUTh shareholders affected by the compulsory acquisition are entitled to, to KUTh Energy Limited.

KUTh Energy Limited will hold the Geodynamics shares for those KUTh shareholders affected by the compulsory acquisition, which are entitled to them. The Geodynamics shares held by KUTh Energy Limited will not be transferred to the KUTh shareholders affected by the compulsory acquisition, automatically – the shareholders entitled to the Geodynamics shares will need to claim them from KUTh Energy Limited.

KUTh shareholders who have accepted Geodynamics Offer will automatically receive the Geodynamics shares which they are entitled to by 4 January 2014.
KUTh shareholders who have not accepted Geodynamics Offer may still do so by ensuring your acceptance is received by 7:00pm (Sydney time) on Friday

13 December 2013. By accepting the Offer, shareholders will receive the Geodynamics shares which they are entitled to by 4 January 2014.”

Source: Geodynamics release