Northern has signed a binding Heads of Agreement with ATI Oil Plc, the principle terms of which are as follows:
Relationship between Northern and ATI
Northern currently has a 37.05% shareholding in ATI and Derek Musgrove and Chris Foss, directors of Northern, are also directors of ATI. The Directors of Northern who are independent of ATI, having consulted with Northern’s nominated adviser, Investec, consider the provision and terms of the agreement are fair and reasonable insofar as Northern's shareholders are concerned.
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