On the 24th of November Rockhopper and FOGL proposed to merge, creating the largest North Falkland Island licence, resulting in Rockhopper holding 65% of the enlarged group and FOGL owning the rest.
The boards of Rockhopper and FOGL have since announced that they have reached agreement on the terms of a recommended merger, and under the terms of the Scheme, Scheme Shareholders are entitled to receive 0.2993 Rockhopper consideration shares for each FOGL Share.
The court order has now been delivered to the Registrar of Companies of the Falkland Islands for registration; therefore, the scheme has today become effective in accordance with its terms. Accordingly, the merger has completed and FOGL has become a wholly-owned subsidiary of Rockhopper. Upon the scheme becoming effective, all of the directors of FOGL have resigned from their positions as directors of FOGL.
Edited from various sources by Louise Mulhall
Sources: Offshore Energy