Egdon Resources PLC - Reading-based oil and gas explorer and producer - Says that at the court sanction hearing held on Tuesday, the High Court of Justice of England & Wales issued a court order sanctioning the scheme, by which Petrichor Partners LP will buy the entire issued, and to be issued, ordinary share capital of Egdon.
On May 17, Egdon said it had agreed to the all-cash takeover by Petrichor, a wholly-owned subsidiary of Dallas-based Heyco Energy Group Inc. The deal values Egdon at about GBP26.6 million, with shareholders set to receive 4.5 pence per share.
The scheme is expected to become effective on September 14. The last day of dealings in Egdon shares will be Wednesday, before they are cancelled on Thursday.
Current stock price: 4.50 pence, up 0.5% on Tuesday
12-month change: down 39%
By Holly Beveridge, Alliance News reporter
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