Takeover Offer Update

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PERTH, Western Australia: Neptune Marine Services Limited (ASX: NMS, Neptune or the Company); Further to its announcement on 30 October 2012, Neptune has now received a  bidder's statement from Blossomvale Investments Pte. Ltd. (Blossomvale), a wholly owned subsidiary of MTQ Corporation Limited (MTQ), containing its offer to acquire all the shares of Neptune it does not own, at a cash price of 3.2 cents per share.


The independent Directors of Neptune comprising Peter Wallace, Jeff Dowling, John Cooper and Ross Kennan are now considering the offer and have formed an independent response committee, who have been assigned with specific responsibility for the day to day management of the offer.


Neptune has today appointed Hartleys Limited as its Corporate Advisor and Norton Rose Australia as its Legal Advisor. In addition Neptune has appointed BDO Corporate Finance (WA) Pty Ltd as its Independent Expert to provide an opinion to Neptune’s shareholders on whether the offer is fair and reasonable.


Blossomvale’s offer is conditional on MTQ shareholder approval and several other conditions, as specified in their bidder’s statement. The offer will not open for acceptance until the bidder’s statement is dispatched to Neptune shareholders (which will occur at the earliest on Tuesday, 13 November 2012) and must remain open for a minimum period of one month.


Accordingly, there is no need for Neptune shareholders to take any action in relation to the offer at this time and Neptune urges all shareholders to take NO ACTION in relation to the offer until such time as a formal recommendation is made by the Neptune Board.


Neptune shareholders should be aware that if they sell their shares to Blossomvale, or to any other party on-market, they will not be entitled to receive any higher price that may be offered by Blossomvale or any alternative bidder, should one emerge.


Neptune will continue to keep shareholders informed of developments as they occur.

Click here to view the bidder's statement

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