As previously announced on 2 November 2011, Miclyn Express Offshore, a provider of service vessels to the expanding offshore oil and gas industry, entered into a conditional, non-binding agreement with the shareholders of Samson Maritime Holdings Pty Ltd (“Samson”) to purchase their aggregate 50% shareholding and take full ownership of the business.
The Company today announced that the final Sale and Purchase Agreement was executed on 16 December 2011 (after close of market), with final settlement to occur on 22 December 2011.
Total consideration of A$24 million will be settled with 70% cash and 30% newly issued MIO scrip. The scrip will be issued at a price of A$1.87066, representing 30 day VWAP for the period up to the day before the execution of the Sale and Purchase Agreement.
Miclyn Express Offshore CEO Diederik de Boer said “We are delighted to complete this transaction and increase our exposure to the growing Offshore LNG market in Australia. This is an earnings accretive transaction that provides significant value to our shareholders. We look forward to working with our Australian colleagues to continue to drive growth in the region”.
Offshore Energy Today Staff, December 19, 2011; Image: MIO