Blake Holdings Limited entered into a mandatory tender offer to acquire remaining 57.73% stake in Hardy Oil and Gas plc for £2.1 million on November 25, 2019. As a part of the consideration the Offer is 5 pence for each Hardy Shares. The Offer will be financed from the existing cash resources of Blake. Hardy Oil and Gas will be de-listed. Following completion of the Offer, Blake will propose that one of its directors, Michael Bretherton, is appointed as a non-executive director of Hardy. The Offer will be subject to the further terms set out in this announcement and to the full terms and condition to be set out in the Offer Document and, in respect of Hardy Shares held in certificated form, the Form of Acceptance. The Offer and acceptances will be governed by English law and will be subject to the jurisdiction of the English courts. The Offer will be subject to the applicable requirements of the Takeover Code and the Listing Rules. The Board of Hardy Oil and Gas recommend shareholders to carefully consider their own individual circumstances in determining whether or not they should accept the offer. Accordingly, the Directors are unable to give a recommendation to accept or reject the offer. Peter Milne and Alasdair Locke collectively holding 1.5 million ordinary shares of Hardy Oil and Gas intends to accept the offer, if the offer becomes unconditional while Richard Galvin does not intend to accept the offer. As of December 23, 2019, the offer document is posted to shareholders to Hardy Oil and Gas. The Offer will remain open for acceptance, subject to the provisions of Appendix 1 of this announcement and the terms of the Offer Document, until on the 21st day after the date of publication of the Offer. The Offer is subject to valid acceptances of the Offer being received by no later than First Closing Date of the Offer. The first closing date of the offer is January 7, 2020. As on January 6, 2020, Blake had received valid acceptances in respect of a total of 42,275,014 Hardy Shares, representing approximately 57.31% of Hardy's entire issued share capital. As of January 7, 2020, Black Holding received valid acceptance for around 66.73% of shares in the Hardy Oil and Gas after receiving valid acceptance to the offer in respect of a total 18.041 million shares representing 24.46% stake. The Offer was conditional upon Blake securing valid acceptances of the Offer in respect of Hardy Shares which would result in Blake holding Hardy Shares carrying more than 50% of the voting rights then normally exercisable at a general meeting of Hardy. In light of the level of acceptances and Hardy Shares already held by Blake referred to above, the Condition has been satisfied. Accordingly, the Offer is hereby declared unconditional in all respects. As the Offer has been declared unconditional in all respects, the Offer will now also remain open for acceptance until January 21, 2020. Matt Davis of SPARK Advisory Partners Limited acted as financial advisor to Blake Holdings Limited. Simon Hudson of Tavistock acted as financial advisor for the transaction. Ciaran Walsh and Paul Shackleton of Arden Partners plc acted as financial advisors for Hardy Oil and Gas. Hardy Oil and Gas paid financial and corporate broking advice fee of £0.1 million, legal fee of £0.1 million and accounting advice fee of £0.015 million. Blake Holdings Limited completed the acquisition of additional 43.8% stake in Hardy Oil and Gas plc for £1.6 million on November 25, 2019. The Offer is no longer capable of being accepted. As on January 21, 2020, Blake had received valid acceptances in respect of a total of 32,372,587 Hardy Shares, representing approximately 43.89% of Hardy's existing issued share capital, which may count towards the satisfaction of the acceptance condition to the Offer. The acquisition of 19,451,812 of the Accepted Shares have now been settled and the remainder will be settled within 7 days. In addition to the Settled Shares, as on January 21, 2020, Blake also holds 31,182,297 Hardy Shares, representing 42.27% of the existing issued ordinary share capital, and voting rights of Hardy. Accordingly, as on January 21, 2020, Blake owned or had received valid acceptances in respect of a total of 63,554,884 Hardy Shares, representing approximately 86.16% of Hardy's entire issued share capital.