LONDON (Alliance News) - Bankers Petroleum Ltd confirmed late Friday that is set to delist from AIM in the near future after the proposed takeover the company by Geo-Jade Petroleum Corp received the final necessary approval from China.
Geo-Jade secured Chinese State Administration of Foreign Exchange approval as part of the proposed plan of arrangement that is facilitating the deal to takeover the London-listed oil and gas company developing large oil and gas reserves in Albania and Eastern Europe.
The deal has already secured regulatory approval under the Investment Canada Act and from the Albanian Competition Authority, the Chinese National Development and Reform Commission, and the Ministry of Commerce of the People's Republic of China through the Shanghai Free Trade Zone Management Committee.
"At this time the required regulatory approvals for the completion of the arrangement have been received. Bankers anticipates completion of the arrangement to occur in the coming weeks, and prior to September 30, 2016. A further announcement will be made once exact timing of
the completion has been established," said the company.
In June, Bankers said it expected the deal would close in "late June or early July".
Two companies that are affiliates of Geo-Jade Petroleum Corp originally made an offer to take over Bankers back in April in a deal that valued Bankers at around CAD575.4 million, which roughly equates to GBP332.9 million.
The offer that has been made is CAD2.20 per Bankers Petroleum share, which at the time was a 98% premium to Bankers' closing share price on the Toronto Stock Exchange on the last trading day prior to the offer being made.
As well as delisting from London, Bankers will also be leaving the Toronto Stock Exchange.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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