LONDON (Alliance News) - Fortune Oil PLC on Friday said the documents have now been filed for its takeover by Fortune Dynasty Holdings Ltd, with the implementation date set for March.
Fortune shares jumped higher in December after the company said it had agreed a deal to be taken over by Fortune Dynasty.
The deal, which values Fortune Oil at around GBP388 million, sees Fortune Dynasty acquire the remainder of Fortune Oil. It already held a 56.9% stake in the company.
Fortune Dynasty will pay 10 pence per Fortune Oil share in cash and offer a contingent entitlement to a further 5 pence per share in cash or loan notes by way of a contingent value right.
Fortune Oil shares were untraded on Friday, having last traded at 9.61 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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