1st Feb 2016 07:50
LONDON (Alliance News) - Premier Oil PLC shares will start resume trading in London on Monday after the terms of its deal to acquire the UK North Sea assets of Germany energy group E.ON SE were changed, meaning the deal is no longer classified as a reverse takeover.
Premier Oil struck a deal in January to buy E.ON's assets for USD120.0 million net, plus completion adjustments. At the time, the value of the completion adjustments was sufficient for the deal to be classed as a reverse takeover.
The pair have now agreed to reduce the completion adjustment to USD15.0 million, meaning the aggregate consideration payable by Premier Oil is USD135.0 million, meaning the deal is no longer classed as a reverse takeover and Premier's shares can be restored to trading.
It said it will publish a shareholder circular on the deal in due course and intends to hold a vote on the proposed transaction in March or April.
By Sam Unsted; [email protected]; @SamUAtAlliance
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