4th Feb 2019 10:47
LONDON (Alliance News) - Norway's DNO ASA is to move to acquire the rest of Faroe Petroleum PLC's shares, with its control now standing at 96% after purchases on Friday.
DNO said Monday it now has acceptances for over 90% of Faroe's shares, including those it owns, meaning it can move to compulsory acquisition of the remainder.
Last week, Faroe's board resigned ahead of the takeover by DNO. Chair John Bentley, Chief Executive Graham Stewart, Chief Operating Officer Helge Hammer, Chief Financial Officer Jonathan Cooper, and Independent Non-Executive Director Roger Witts all stepped down.
Shares in Faroe will be cancelled from trading on February 14, Valentine's Day, after a hostile takeover by oil company DNO.
DNO's final offer for Faroe was 160 pence per share, putting the value of the offer at GBP641.7 million. Faroe shares were 0.3% higher on Monday morning at 160.40p.