5 Aug 2020 16:45
5 August 2020
COLUMBUS ENERGY RESOURCES PLC
("Columbus" or the "Company")
Corporate Update - Court Sanction of Merger with Bahamas Petroleum Company plc
Columbus, the oil and gas producer and explorer focused on onshore Trinidad and Suriname, is pleased to announce that the Scheme, to effect the merger with Bahamas Petroleum Company plc ("BPC"), was sanctioned by the Court earlier today ("Court Sanction"). The Scheme will become effective upon the Court Order being delivered to the Registrar of Companies, which is expected to take place on or about 7 August 2020, consistent with the expected timetable of events as set out in the Scheme Document.
Dealings in Columbus Shares will be suspended with effect from 7.30 a.m. on 7 August 2020. Accordingly, 6 August 2020 will be the last day of dealings in, and registration of transfers of, Columbus Shares.
Subject to the Scheme becoming effective, it is expected that the admission to trading of Columbus Shares on AIM will be cancelled at 7.00 a.m. on 10 August 2020. A further announcement will be made by BPC when the Scheme has become effective.
Conditions to the Scheme
Prior to the Court Sanction hearing, BPC notified the Company that it would not seek to invoke the Condition of the Scheme (as set out in paragraph 5 of Part III of the Scheme Document) related to the entry by the Company into the Goudron EPSC with Heritage prior to the date of the Court Sanction hearing. It is expected that the Goudron EPSC will be entered into in the ordinary course of business but until such time, BPC and the Company's management have agreed the delay in the issuance of 25,562,167 new BPC Shares due to the Company's management pursuant to their respective settlement and termination arrangements as set out in the Scheme Document.
The expected timetable of principal events for the implementation of the Scheme remains as set out on page 13 of the Scheme Document. If any of these dates and/or times change, a further announcement will be made.
Defined terms used but not defined in this announcement have the meaning given to them in the Scheme Document, a copy of which, is available on the Columbus website at www.columbus-erp.com.
Leo Koot, Executive Chairman of Columbus, commented:
"I would like to thank our shareholders for their support during the merger process and also thank the Columbus team and the BPC team for all their work in implementing the merger. I look forward to the new, enlarged BPC group progressing and growing our various assets across the Caribbean."
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
Contact Information
Columbus Energy Resources plc Leo Koot / Gordon Stein / Tony Hawkins | +44 (0)20 7203 2039 |
VSA Capital Limited Rule 3 Advisor, Financial Adviser and Broker Andrew Monk / Andrew Raca / Maciek Szymanski | +44 (0)20 3005 5000 |
Beaumont Cornish Limited Nominated Adviser Roland Cornish / Rosalind Hill Abrahams | +44 (0)20 7628 3396 |