LONDON (Alliance News) - Fortune Oil PLC Wednesday said the High Court has sanctioned the scheme that is being used by Fortune Dynasty Holdings Ltd to takeover the company.
"Fortune Oil is pleased to announce that the High Court of Justice in England and Wales has today made an order sanctioning the scheme by which Fortune Dynasty's acquisition of Fortune Oil is being implemented," it said in a statement.
In January, Fortune Oil said the documents had been filed for the takeover deal, which values Fortune Oil at around GBP388 million.
Fortune Dynasty already held a 56.9% stake in the company prior to the takeover bid, and 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 said the Court will now need to confirm the associated capital reduction at the Reduction Court Hearing, which is expected to happen on Friday, before the scheme can become "fully effective," said the company.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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