Dart Energy Announce Early Acquisition Of Composite Energy Limited

Global coal seam gas company Dart Energy Limited (ASX:DTE) is pleased to announce that it has agreed to acquire the 90% of Composite Energy Limited ("Composite") that it does not already own for approximately US$46.7 million. The consideration will be satisfied by way of issue of approximately 35.9 million new Dart shares to the current shareholders of Composite and the issue of approximately 5.6 million new Dart-J Class options to existing Composite optionholders (largely being Composite employees). The new Dart shares to be issued will represent approximately 6% of Dart's enlarged share capital.

This transaction represents an acceleration and replacement of the previous arrangement entered into in August 2010 whereby Dart had an option to inject US$5m into Composite in January 2011 for an additional 10% of Composite, and then an option to acquire the remaining 80% of Composite prior to June 2011 for US$56 million payable in Dart shares, or cash or a mix of both.
Source: Press Release