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Z Energy Limited (NZX: ZEL) Receives Acquisition Proposal

Monday 23rd August 2021

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Z Energy receives non-binding indicative acquisition proposal from Ampol; agrees period of due diligence and exclusivity

Z Energy has received a non-binding indicative proposal from Ampol to acquire Z at an offer price of $3.78 per share (“Proposal”).

The Proposal would be implemented by way of a scheme of arrangement, a court- supervised process under which a meeting of shareholders would be held to vote on the transaction.

Ampol is an Australian based retail fuels and distribution business that is listed on the ASX. Ampol owns and operates the Gull fuel distribution business in New Zealand.

The offer price under the current Proposal (prior to any adjustment under the mechanism referred to below) represents:

• a 22% premium to the last close on 12 August 2021 (being the date prior to receipt of the Proposal), and

• a 26% premium to the 30-day VWAP.

The Proposal from Ampol follows earlier unsolicited, confidential and non-binding indicative proposals in the form of letters or verbal communications to Z for $3.35, $3.50 and $3.60 per share. Z and Ampol are discussing the option to include a partial Ampol share consideration and/or a secondary listing of Ampol on the NZX.

Please see the links below for details

Z Energy NBIO receipt

Source: Z Energy Limited

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