Manica Group Namibia attended the International Oil and Gas conference, held last week in Swakopmund. The event attracted specialists from Ghana, South Africa, Nigeria, Senegal, Tanzania, France, the US and Brazil to share their experiences and lessons learned. Delegates represented the different oil majors, development financing, exploration and petroleum experts and government officials. The conference dealt with various aspects of the oil and gas industry, from exploration to drilling to processing to value adding. Topics ranged from legal frameworks, petro-chemical engineering, financing, local content and capacity building, logistics and sustainability.
Opening the conference, the Minister of Mines and Energy, Tom Alweendo, emphasised the importance of partnerships in the oil and gas industry. Partnerships and the importance of local content constant themes in many of the panel discussions at the conference. The various panel discussions added an optimistic ambiance to the future of Namibia’s oil and gas industry and it was uttered by more than one delegate, that it was not a matter of “if” but “when” Namibia finds commercially viable oil.
Namibia’s Petroluem Company, Namcor also used this event to sign a farm-in agreement with ExxonMobil, effectively increasing the oil major’s exploration acreage in Namibian waters to four blocks. The blocks extend about 215km from the shoreline in water depths up to 4,000 meters. Exploration activities are planed for later this year.
Further to the cautionary announcement released on the Stock Exchange News Service of the Namibian Stock Exchange on 25 April 2019 relating to the circular to shareholders, supplementary information relating to the sum of the parts valuation, culminating in the fair and reasonable valuation range of N$8.95 to N$9.45 as per the E&Y Fair and Reasonable opinion included in the circular, is available on the this website.
Further to the cautionary announcement released on the Stock Exchange News Service of the Namibian Stock Exchange on 12 December 2018, the subsequent renewal of the Cautionary Announcement released on NENS on 23 January 2019 and 1 March 2019 and the announcement released on NENS on 11 April 2019. A combined circular has been issued today by Bidvest Namibia Limited and the Bidvest Group to a conditional Take-over offer in terms of sections 320 – 327 of the Companies Act….
The shareholders of Bidvest Namibia are informed that on 10 April 2019, Bidvest Namibia received a Binding Conditional Offer (“”Offer”) from Bidvest Group, the majority shareholder of Bidvest Namibia, to acquire all of the shares held by the minority shareholders in Bidvest Namibia (“Bidvest Namibia Shareholders”) at 10.50 per share, which Offer will be subject to inter alia the successful passing of the De-listing Resolution as set out in the conditions, together with the take-over statement and Offer amounts to a takeover scheme.
Shareholders of Bidvest Namibia are informed that Bidvest Namibia has received a intended binding offer from Bidvest Group, the majority shareholder of Bidvest Namibia, in terms of which Bidvest Group intends to make an offer to acquire all of the outstanding ordinary shares in Bidvest Namibia not currently held by Bidvest Group, by way of a take-over scheme. The amount offered in terms of the Intended Conditional Offer is a cash only consideration of N$10.50 per Offer Share, subject to the successful passing of the De-listing Resolution as set out in paragraph 2 below.