The Directors of Armour Energy Ltd wish to provide the market with an update on their consideration of the unsolicited, hostile and conditional takeover bid lodged by Westside Corporation Limited (a subsidiary of Landbridge Group Co Limited) (Westside) of 12 cents per Armour share (Offer).

Having reviewed the terms of the Offer, the Board of Armour unanimously recommends that shareholders REJECT the opportunistic and inadequate Westside Offer as it significantly undervalues the Company both in terms of its existing assets, and the potential value the company expects to deliver to its shareholders in the near future. Executive Chairman Nicholas Mather said:

“The Offer does not reflect the current or potential value of Armour’s assets and comes at a time when the Company is in the process of decisively rebuilding its business and in the context of increasing demand for gas in Australia.”

Tags: Armour Energy Ltd, Woodside Corporation