Whitebark Energy Moves to Full Acquisition of King Energy After Reaching 90% Ownership Threshold
Whitebark Energy (ASX: WBE) has initiated the compulsory acquisition of all outstanding securities in King Energy, having acquired more than 90% of King’s shares and options. This follows a series of takeover offers for King’s ordinary shares and Class A and B options launched in February 2025.
The compulsory acquisition, in accordance with the Corporations Act, will be completed on the same terms as the original offers. Completion is expected in May 2025.
The transaction is part of Whitebark’s strategic refocus on renewable energy and follows its recent divestments in Canada and growing interest in Australian resource plays.
Full Press Release attached below:
WHITEBARK NOW HOLDS OVER 90% INTEREST IN KING SECURITIES AND IS PROCEEDING TO COMPULSORY ACQUISITION
8 April 2025
Whitebark Energy Limited (ASX:WBE) (Whitebark) refers to previous announcements in relation to its offers to securityholders of King Energy Limited (ACN 661 214 151) (King) dated 10 February 2025 in relation to its off-market takeover bids for:
(a) all of King’s fully paid ordinary shares (King Shares);
(b) all of the unlisted “Class A” options with an $0.25 exercise price and expiring on or before 24 November 2027 (King Class A Options); and
(c) all of the unlisted “Class B” options with an $0.25 exercise price and expiring on or before 10 August 2027 (King Class B Options),
(together the Offers, and each an Offer), pursuant to its bidder’s statement dated 3 February 2025, as supplemented by the supplementary bidder’s statement dated 14 February 2025 and second supplementary bidder’s dated 6 March 2025.
The King Shares, King Class A Options and King Class B Options are together referred to as the King Securities.
As announced to the ASX on 24 March 2025, Whitebark closed the Offers for the King Shares and King Class B Options on that date. As announced to the ASX on 4 April 2025, Whitebark further extended the Offer for the King Class A Options to 17 April 2025.
Whitebark has acquired:
(a) a relevant interest in more than 90% of King Securities; and
(b) at least 75% (by number) of the securities that Whitebark offered to acquire under the Offers.
Accordingly, Whitebark has commenced the process to compulsorily acquire the King Securities that it does not have a relevant interest in under the compulsory acquisition provisions of the Corporations Act 2001 (Cth) (Corporations Act). The compulsory acquisitions will be on the same terms as the Offers (as applicable).
On completion of the compulsory acquisition procedure, Whitebark will issue to King the consideration for the King Securities that it compulsorily acquires. King securityholders will then be entitled to claim the consideration from King. King will give notice to securityholders once it has received the consideration and will advise King securityholders as to how they may claim the consideration to which King securityholders are entitled. Subject to the Corporations Act, the compulsory acquisition process is expected to complete in May 2025.
Attached to this announcement are copies of the ASIC Forms 6021 (Notice of compulsory acquisition following takeover bid) which were lodged with the ASIC (Notices). The Notices set out the compulsory acquisition process and rights for holders of King Securities during this process and will be dispatched to all King Securityholders who have not accepted the Offers as required under the Corporations Act together with a letter informing King Securityholders about the compulsory acquisition procedure (Letter). A sample copy of the Letter is attached to this announcement.
King securityholders that have any questions relating to the compulsory acquisition process should contact the Whitebark Offers Information Line on +61 08 9323 2000 or their legal, financial or professional advisor.
This ASX announcement has been approved and authorised for release by the Board of Whitebark Energy Limited.
For further information:
Mr Mark Lindh – Chairman | Ph: +61 8 8232 8800 | Mark.Lindh@whitebarkenergy.com
Mr Michael Zollo – Investor Relations | Ph: +61 8 8232 8800 | mzollo@aeadvisors.com.au
About Whitebark Energy Limited
Whitebark Energy Limited is an ASX-listed exploration and production company featuring low-cost oil and gas production in Canada, a substantial contingent gas resource in Western Australia, and four EPG permit areas in Queensland. WBE has realigned its corporate strategy to focus on the rapidly developing Australian renewable energy market, with a comprehensive management changeout and partial sale of its Wizard Lake asset located in the prolific oil & gas province of Alberta, Canada.
