Energy Africa Response to Petronas Offer
Energy Africa Limited
Registration number : 1995/007140/06
(Incorporated in the Republic of South Africa)
JSE code: ENR ISIN code: ZAE000010427
Energy Africa Response to Petronas Offer
Energy Africa Document Posted
Energy Africa has today posted its response to the Petronas Offer to Energy
Africa shareholders. The Energy Africa Directors, excluding the Engen Limited
appointees, remain of the opinion that the Petronas Offer significantly
undervalues your Company`s assets and continue to urge shareholders to take no
action in response to the Offer.
* The fundamental value* of Energy Africa is ZAR72.51 per share
* This is a 66% premium to the Petronas Offer price
* Value denied to shareholders is ZAR28.76 per share
* The Board is actively examining options to realise value above the Offer price
Rhidwaan Gasant, Energy Africa`s Managing Director, said: "Petronas has made its
Offer without the benefit of an up-to-date valuation of Energy Africa`s assets.
The independent valuation undertaken by PGS Reservoir Consultants clearly
demonstrates how significantly its Offer undervalues Energy Africa.
"Our response document explains how the Petronas Offer fails to recognise the
value of Energy Africa. It also presents the facts regarding our remarkably
successful track record and sets out both our current strong financial position
and our plans for the future. We urge Energy Africa shareholders to take no
action.
"The Board remains determined to achieve maximum value for shareholders and
continues to examine all options to realise value for shareholders above the
Offer price. We will be writing to shareholders again in due course."
*Independent fundamental valuation of Energy Africa undertaken by leading
international firm of petroleum consultants, PGS Reservoir Consultants (UK) Ltd
Copies of the response document may be accessed on Energy Africa`s website
www.energyafrica.com
10 October 2002
Date: 10/10/2002 07:36:35 AM Produced by the JSE SENS Department
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