Tuesday 01 December 2015 by Alen Golubovic Company updates

Antares Energy – update on sale and purchase agreement progress

Antares has provided an update to the market on the progress of its previously announced sale and purchase agreement on its Northern Star and Big Star assets

The transaction was contracted to close on or before 30 November, however Antares has received a request from the private equity buyer for an extension to the timetable.

Antares has stated that it is currently negotiating amendments to the transaction documents with the buyer. The company has indicated that it will advise on the outcome of these negotiations as soon as completed. At this stage no timeframe has been provided for the conclusion of those negotiations.

We expect that the Antares ordinary shares and convertible notes will remain suspended from ASX listing until the conclusion (successful or otherwise) of the asset sale process.

We will provide a further update when the company announces details on the outcome of its negotiations.

Click hereExternal link - opens in a new window to view the ASX announcement.