Strike Energy

Acquisition of UIL Energy

January 2019

In October 2018, it was announced that Strike Energy Limited (“Strike Energy”) entered into a binding agreement to acquire all of the shares in UIL Energy Limited (“UIL Energy”). The UIL Energy transaction consisted of the issue of 0.485 Strike Energy shares for each UIL Energy share held, as well as a commensurate offer for all outstanding preference shares and options.

The UIL Energy transaction was subject to Strike Energy raising a minimum of $13 million along with other customer conditions. Strike Energy raised approximately $14 million from international and local institutional and professional investors by way of a placement of new fully paid ordinary shares and a share purchase plan at a price of $0.115 per Strike Energy share.

The UIL Energy transaction completed following compulsory acquisition in January 2019.

Azure advised Strike Energy on all aspects of the transaction including strategic advice, bid tactics, structuring, equity raising, coordination of due diligence and negotiation of the relevant transaction agreements.