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Energy Developments Announces Pacific Equity Partners Proposal
Monday October 19, 2009, 9:01 am

Original Announcement: Pacific Equity Partners Proposal

Energy Developments advised that it has received a proposal from Pacific Equity Partners (PEP) to acquire 100% of ENE on a fully diluted basis at a cash price of $2.65 per ENE share. The company has agreed to allow PEP into a confirmatory due diligence process following consultation with its major shareholders in August this year. This process is now complete. The Proposal remains incomplete and subject to key conditions including the Board of ENE agreeing to recommend a Scheme of Arrangement. In anticipation of PEP's Proposal, the Board has appointed Lonergan Edwards & Associates as the independent expert to opine on whether the Proposal is fair and reasonable. LEA's report is expected to be finalised shortly.

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