LONDON (Alliance News) - Falkland Oil and Gas Limited Thursday said that its agreement to acquire the entire issued share capital of Desire Petroleum PLC in exchange for shares has now become effective.
The oil and gas exploration and development company said after a hearing at the High Court of Justice in England and Wales, the scheme has now been sanctioned and the reduction of capital in connection with the scheme will take effect on Friday.
Under the terms of the combination, scheme shareholders are entitled to receive 0.6233 FOGL consideration shares for each Desire share and consequently pursuant to the scheme, 212,150,020 new FOGL shares will be issued to Desire shareholders.
Falkland Oil and Gas shares were up 1.4% to 27.39 pence, while Desire Petroleum shares were down 0.8% to 16.25 pence Thursday.
By Tom McIvor; email@example.com; @TomMcIvor1
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