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Asiasons Capital Ltd Announces Proposed Acquisition Of 27.5% Of Class B Units In Black Elk Energy Offshore Operations Llc


Thursday, 26 Sep 2013 07:02am EDT 

Asiasons Capital Ltd announced that with reference to the announcements of the Company dated September 17 and 19, 2013 in respect of:; the subscription agreement dated September 16, 2013 (“Subscription Agreement”) between the Company and Black Elk Energy Offshore Operations LLC (“Black Elk”) whereby the Company shall subscribe for 9,960,159 new Class B Units ("New Units") in Black Elk for a total subscription price (“Total Subscription Price”) of approximately USD50,000,000 (or approximately SGD63,500,000, at the exchange rate of USD1.00: SGD1.27, which was the exchange rate agreed in the Subscription Agreement) ("Proposed Subscription") and the securities purchase agreement dated September 16, 2013 (“SPA”) between the Company and PPVA Black Elk “Equity” LLC (“Seller”) whereby the Company shall acquire 24,233,220 existing Class B Units ("Sale Units") for a total purchase price (“Total Purchase Price”) of USD121,650,764 (or approximately S$154,496,470, at the exchange rate of USD1.00: S$1.27, which was the exchange rate agreed in the SPA) (the "Proposed Acquisition"). The aggregate of the Total Subscription Price and Total Purchase Price is USD171,650,764 (or approximately SGD217,996,470) (“Total Consideration”). The Company shall pay for the Total Consideration by the allotment and issue of new ordinary shares in the capital of the Company (“Shares”) to Black Elk and the Seller respectively. 

Company Quote

0.054
0.0010 +1.89%
10 Jul 2014