Fosun, Roc Oil deal nears completion

November 17, 2014

Fosun International subsidiary Transcendent Resources has almost completed its off-market takeover bid of Roc Oil. The Hong Kong-based Fosun announced that it has received acceptances of 92.595% of all existing Roc shares, which translates to 363,698,799 shares at the offer price of AU$0.69 (US$0.60) per share.

Australian independent Roc Oil holds assets in its homeland, along with China, Malaysia and the UK. The overwhelming majority of its production (90%) is located in China and Australia. As of 1 January 2014, the company listed 17.4MMboe of proven and probable reserves, with the top-producing asset in its portfolio being Zhao Dong oil fields in Bohai Bay at a rate of 4017boe/d.

On 4 August, Roc Oil announced that it entered into a bid implementation agreement with Fosun for an all-cash AU$474 million (US$441 million) transaction. Roc Oil had previously entered into a non-binding merger implementation agreement on 29 April with fellow Australian Horizon Oil. The Horizon deal was then terminated on 5 August.

Fosun has been steadily increasing its total share acceptances throughout September and October, and on 28 October, appointed Bin Zhao as a non-executive director of ROC, as a nominee of Fosun subsidiary Transcendent Resources. Roc Oil Chairman of the Board Mike Harding and two other directors resigned from the board on 13 November.

Fosun said it intends to de-list the company from the Australian Securities Exchange.

Image of Roc Oil's Clff Head asset off Western Australia from Roc Oil.

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Fosun to buy Roc Oil for US$441 million



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