Oil and gas explorers Rockhopper Exploration and Falkland Oil and Gas (FOGL), have finalized their previously proposed all-share merger.
To remind, on November 24, 2015, the boards of Rockhopper and FOGL announced that they had reached agreement on the terms of a recommended merger to be effected by means of a court-sanctioned scheme. Under the terms of the Scheme, Scheme Shareholders are entitled to receive 0.2993 Rockhopper consideration shares for each FOGL Share.
The court order has now been delivered to the Registrar of Companies of the Falkland Islands for registration; therefore, the scheme has today become effective in accordance with its terms. Accordingly, the merger has completed and FOGL has become a wholly-owned subsidiary of Rockhopper.
Upon the scheme becoming effective, all of the directors of FOGL have resigned from their positions as directors of FOGL.