Majority of COIL Shareholders Approve Xtract Scheme
On February 12, 2007, the boards of Cambrian Oil and Gas PLC (COIL) and Xtract Energy plc announced their agreement on the terms of a recommended proposal for COIL shareholders (other than Xtract) to acquire shares in Xtract in exchange for shares in COIL by way of scheme of arrangement under section 425 of the Companies Act 1985 (the "Scheme"). A circular to COIL shareholders in connection with the Scheme was published on 16 March 2007 (the "Scheme Circular"). The Scheme requires approval by COlL shareholders (other than Xtract) and the sanction of the Court.
The Directors of COIL announced at a Thursday meeting of COIL shareholders convened by the Court that the required majority of shareholders of COIL (other than Xtract) approved the Scheme without modification. At the subsequent EGM, also held Thursday, COIL shareholders passed the resolution which was proposed, as set out in the notice of Scheme EGM dated March 16, 2007.
The Scheme is subject to final sanction by the Court and is expected to become effective on April 23, 2007.
Under the terms and conditions of the Scheme (as set out in Scheme Circular):
--COIL shareholders will receive 9 Xtract Ordinary Shares for every 10 COIL Shares they hold on the Scheme Record Date (which is expected to be April 19, 2007).
--Certain 3p COIL warrants which are not exercised prior to the effective date of the Scheme shall cease and determine in accordance with their terms.
--For those COIL options and 3p warrants which are not exercised prior to the effective date of the Scheme and which under their terms do not cease and determine if they are not so exercised, following the completion of the Scheme, such COIL option and warrant holders shall be entitled to receive Xtract shares upon exercise of such options and warrants on the basis of 9 new Xtract ordinary shares for every 10 COIL shares which the option or warrant holder is entitled to under the terms of the option or warrant.
- Majority of COIL Shareholders Approve Xtract Scheme (Apr 13)
- Cambrian, Xtract Agree to Plan for Proposed Merger (Feb 12)
- Cambrian Oil & Gas Raises Funds for Acquisition (Oct 23)
Company: Xtract Energy more info
- Zeta Petroleum CEO Steps Down (Oct 14)
- Chevron Drills Ahead at Netherlands Well Despite Bad Weather (Jan 11)
- Xtract Welcomes Executive Director (May 20)