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; firstname.lastname@example.org; @TomMcIvor1
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.