15th Sep 2023 13:46
(Alliance News) - Egdon Resources PLC on Friday said the takeover by Petrichor Partners LP has now become effective.
This comes after the Reading-based oil and gas explorer and producer announced earlier this week that at a court sanction hearing held on Tuesday, the High Court of Justice of England & Wales issued a court order sanctioning the scheme, by which Petrichor Partners LP would buy the entire issued ordinary share capital of Egdon.
On May 17, Egdon had agreed to the all-cash takeover by Petrichor, a wholly-owned subsidiary of Dallas-based Heyco Energy Group Inc. The deal values Egdon at about GBP26.6 million, with shareholders set to receive 4.5 pence per share.
Egdon's last day of dealings were on Wednesday, and its shares were suspended from trading on AIM early Friday morning. The company has also made an application to the London Stock Exchange to de-list and cancel its admission to trading on AIM, which is set to take effect on or around Monday.
By Sabrina Penty, Alliance News reporter
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