Anzon shares jump as suitors line up
August 27, 2007 - 2:10PM
Shares in Anzon Australia Ltd jumped in intraday trade on news it had received several approaches from parties, potentially leading to a takeover offer.
The approaches are conditional and have been made on a confidential basis, Anzon said.
The company, which was established in late 2003, has appointed RFC Corporate Finance and Deacons as its advisors.
Earlier this month, Anzon and joint venture partner Beach Petroleum Ltd each sold 10 per cent of their holding in the producing Basker Manta Gummy oil project in the Gippsland Basin, Bass Strait, to Japan's ITOCHU Corporation.
Anzon received $123 million from the sale of its stake in the $1.2 billion plus project, and is effectively debt free.
Anzon shares lifted 17.5 cents, or 14.52 per cent, to $1.38 at 1339 AEST Monday.
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