FOGL, the oil and gas exploration company focused on its extensive licence areas to the South and East of the Falkland Islands noted Desire Petroleum’s announcement today that following application by Desire to the London Stock Exchange, trading in Desire shares will be suspended at 7:30 a.m. on 5 December 2013 and cancellation of the admission of Desire shares to trading on AIM will take place at 7:00 a.m. on 6 December 2013.
The move is related to the previously announced recommended combination of FOGL and Desire Petroleum.
The court hearing to approve the deal and confirm the reduction of capital of Desire is scheduled to take place on 5 December 2013.
FOGL last week said it had received official approval for the deal from the Government of the Falkland Islands.
To remind, FOGL and Desire in October reached the agreement under which FOGL will acquire the entire issued and to be issued share capital of Desire in exchange for FOGL Consideration Shares. The combination values the entire issued share capital of Desire at approximately £61 million, and each Desire Share at 17.76 pence.
Offshore Energy Today Staff, December 04, 2013