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Echelon Resources Limited (ASX:ECH)

ALERT: Price-sensitive ASX Announcement for ECH
Current share price for ECH : $0.355 -0.03 (-7.79%)+
Announcement
Release
13 Apr 2026 5:30PM
Price at Release
$0.385
Full Release
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Summary
The Panel decided not to conduct proceedings on an application by Cue Energy Resources Limited concerning an off-market takeover bid by Horizon Oil Limited, which involved a pre-bid agreement with Echelon Resources Limited. Cue raised issues of insider participation and alleged undisclosed association, but the Panel found no reasonable prospect of unacceptable circumstances and noted that Echelon provided an undertaking regarding share acceptance.
Key Points
  • Cue Energy Resources Limited is subject to an off-market takeover bid by Horizon Oil Limited.
  • Echelon Resources Limited agreed to sell approximately 19.99% of Cue's shares to Horizon.
  • Echelon made a public statement regarding their intention to accept the Horizon offer.
  • Cue raised concerns about insider participation and undisclosed association between Horizon and Echelon.
  • The Panel determined that there was no reasonable prospect of unacceptable circumstances arising from the Echelon and Horizon arrangement.
  • Echelon provided an undertaking not to accept Horizon's bid before a specified date, except for shares under the pre-bid agreement.
  • The Panel declined to conduct proceedings as there was insufficient evidence of unacceptable circumstances.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.