The offers are subject to the pre-emptive rights in the relevant joint venture agreement, which give the existing joint venture parties a 45-day period in which to take up an option to purchase a proportionate share of Austral’s interest, on the same terms and conditions as the Horizon agreement.
The company plans to use the proceeds of the Papua New Guinea (PNG) interest sale to accelerate loan repayments under the its debt facility with financial services provider Investec. The amount outstanding under the debt facility is $18.65 million.
