PETER KLINGER, The West Australian August 11, 2011, 6:58 am
Cooper Energy last night admitted to several takeover and merger proposals after being prompted into the disclosure by a disgruntled investor planning to roll the board of the Perth oil and gas company.
The revelation of the corporate interest and a looming requisition notice from shareholder Edward Smith comes in the midst of Cooper's search for a new managing director to replace Michael Scott, who quit two months ago after more than eight years in the job.
Mr Scott remains with Cooper as its chief operating officer.
Chairman Laurie Shervington said in his shareholder update last night that candidates for the managing director's position were being interviewed while long-standing adviser Euroz was helping Cooper deal with approaches from "a number of companies in recent times with a view to merging with, or acquiring, Cooper".
"Discussions are preliminary in nature and not yet at a stage at which any specific proposal could be put to you, the shareholders, for your consideration," he said.
Cooper has been struggling for traction with investors unclear about the company's strategy.
Valued at $111 million, Cooper had $72 million in cash at June 30, producing assets in the Cooper Basin and in Indonesia and potentially lucrative projects in Poland and Tunisia. Cooper shares gained 1? to 38? before Mr Shervington released his update.
