Mitsui & Co., Ltd. refers to its recommended cash takeover offer of A$0.95 cash per share for all of the issued shares of AWE Limited announced on 5 February 2018. Mitsui currently has an interest in 3.01% of AWE’s shares.

Mitsui intends to declare the Offer unconditional if Mitsui acquires an interest1 in AWE shares of at least 50.1%, on or before 7:00pm Australian Eastern Daylight Time on 14 March 2018.

Following the withdrawal of the CERCG takeover offer, Mitsui’s Offer is currently the only offer available to AWE shareholders for their shares. By 14 March, 2018, the Offer will have been open for acceptance for over a month, providing ample time for AWE shareholders to assess the merits of the Offer and for any other party to make a competing offer. No competing offer has been announced to date. Mitsui also notes the Waitsia Gas Project is at an important juncture in its development and believes it is in the best interests of all stakeholders that the Offer is completed as soon as possible.

AWE Board Recommendation

The AWE Board in its Target Statement reiterated its unanimous recommendation that AWE shareholders should accept the Offer. The Independent Expert, appointed by AWE has also concluded that the Offer is fair and reasonable to AWE shareholders.

Accelerated payment terms

If Mitsui declares the Offer unconditional as set out above, Mitsui intends to provide accelerated payment terms such that AWE shareholders will be paid within 7 business days after Mitsui receives a valid acceptance in accordance with the terms of the Offer (or within 7 business days after the Offer is declared unconditional for those shareholders whose valid acceptance has been received by Mitsui prior to the Offer being declared unconditional).