15th May 2018 17:57
LONDON (Alliance News) - Mytrah Energy Ltd said on Tuesday that Raksha Energy Holdings Ltd has received valid acceptances for its GBP78.9 million acquisition offer from 149.4 million shares, reflecting 86% of Mytrah's current issued share capital.
As a result, the acquisition has become unconditional, and Mytrah Energy shares on AIM are expected to be cancelled next Wednesday.
Mytrah Energy first agreed to the offer on April 4, under which its shareholders would receive 45 pence in cash for each share. Raksha currently holds a 58% stake in Mytrah.
Shares in Mytrah Energy closed down 0.7% at 44.30 pence on Tuesday.