(Alliance News) - Phoenix Global Resources PLC on Friday said Mercuria Energy Group Ltd increased its holding to just under 93% from 84% following an offer to minority holders.
Mercuria offered an exit opportunity to shareholders, which was accepted by 223.7 million shares under the terms of a plan announced in August.
In the plan, Mercuria proposed purchasing shares at 7.5 pence each, a 25% premium to its closing price on June 25, the day before Phoenix Global discussed a potential delisting.
Following settlement of the transfers, which is expected by September 12, Mercuria will have 2.56 billion shares in the London-based upstream oil and gas company.
The last day of dealings in the company's shares on AIM will be September 14 and the cancellation will become effective on September 15.
Phoenix Global shares were trading in London at 4.00 pence, having fallen around 50% over the past five days.
By Chris Dorrell; chrisdorrell@alliancenews.com
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