POSCO takeover of Senex step closer


The company confirmed on Friday that it had lodged with the Australian Securities and Investments Commission (ASIC) an office copy of the orders made by the Federal Court of Australia approving the scheme of arrangement.

The scheme is now legally effective, and it is expected that quotation of Senex shares on the ASX were suspended from the close of trading on Friday, March 18.

Last week, Senex confirmed that its shareholders has approved the scheme of arrangement under which K-A Energy 1 acquiring 100 per cent of the issued shares in Senex.

In addition, Senex announced receipt of approval on 3 February 2022 following the recent update that the company had successfully acquired two gas fields adjacent to its Atlas site from Australia Pacific LNG.

Later that month Korean Foreign Exchange approved POSCO International’s proposed acquisition of Senex, satisfying another precondition for the deal.

In December, the company entered into a binding scheme implementation agreement (SIA) with POSCO International, whereby the company would acquire 100 per cent of Senex’s shares for a cash offer price of $4.60 per share.


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