Forte Energy NL
AIM : FTE

December 31, 2015 02:00 ET

Exercise of Option Agreemen t

                                                                                           Forte Energy NL
                                                                                           ACN 009 087 852
                                                                                                          
                                                                                               AIM Release
                                                                                          31 December 2015

Exercise of Option Agreement

Further to its announcement on 17 December 2015, Forte Energy NL ("Forte" or "the Company") (AIM: FTE),  is
pleased  to  announce that, subject to various conditions precedent still to be met, it has  exercised  its
right  by  way  of Option Agreement over 50.3% of BOS GLOBAL Limited ("BGL") by way of the  acquisition  of
20,302,123  Ordinary Shares in BGL("BGL Shares") held by the DJ Family Trust for Forte shares.  Forte  will
make  an  offer  to remaining shareholders of BGL to acquire their BGL Shares on the same  terms  as  those
provided to the DJ Family Trust (the "Offer").

Subject  to  the completion of satisfactory due diligence by Forte, and before 6 January 2016,  Forte  will
recommend  that  the  Board  of  BGL and BGL Shareholders accept the terms of  the  Offer  within  14  days
thereafter.

The  acquisition  of 100% of BGL Shares by Forte (the "Acquisition") will be treated as a reverse  takeover
under  the  AIM Rules for Companies.  Consequently it will be subject to the approval of Forte shareholders
and, following shareholder approval, the admission of the enlarged Forte to trading on AIM.

Upon  BGL  shareholder  acceptance of the terms of the Offer, as soon as practically  possible  Forte  will
publish  a notice of meeting to seek the approval of Forte shareholders for the Acquisition, and apply  for
admission to AIM as a financial technology ("FinTech") company. Trading in Forte's shares on AIM  has  been
suspended pending either shareholder approval for the Acquisition or termination of the Acquisition.

It  is  anticipated that the earliest date for completion of the Acquisition and admission of the  enlarged
Forte  to trading on AIM will be the end of March 2016 and at all times subject to the following conditions
being met:

    *   Overall reduction in debt to the satisfaction of both the DJ Family Trust and BGL
    *   The approval of both Forte and BGL Shareholders
    *   Appointment of a new Board of Directors to Forte
    *   Issue of Performance Shares to certain key incoming management personnel and directors
    *   A share consolidation and change of industry to FinTech
    *   Admission of the enlarged Forte to trading on AIM
    *   Post the share consolidation, completion of a capital raising (of an amount yet to be established)
        at a price to be determined in the context of the market and as agreed by BGL and Forte, with the proceeds
        to be used to provide working capital to the enlarged entity

Forte  continues  to negotiate with Darwin with the Acquisition conditional upon no additional  debt  other
than  the recently announced DJ Family Trust Convertible Note. Subject to finalisation of negotiations,  it
is  envisaged that after completion of the reverse takeover, and prior to the proposed capital raising, BGL
shareholders  will hold approximately 85% of the enlarged entity, with the remaining 15% held  by  existing
Forte shareholders.

All parties continue to negotiate in good faith and further updates will be announced in due course.


For further information contact:

Mark Reilly, Managing Director
Forte Energy NL                          Tel: +61 (0) 8 9322 4071

Oliver Morse
RFC Ambrian Ltd                          Tel: +61 (0) 8 9480 2500
(AIM Nominated Adviser to the Company)


Forte Energy NL

Suite 3, Level 3
1292 Hay Street
West Perth WA 6005
Ph: +61 (0)8 9322 4071
Fax: +61 (0)8 9322 4073
Email: info@forteenergy.com.au
Web: www.forteenergy.com.au

Contact Information

  • Forte Energy NL