Time's Up: Transmeridian Agreement with TMI May Terminate
Transmeridian Exploration Incorporated has been informed by Trans Meridian International, Inc. (TMI), a British Virgin Islands company formed by the company's Chairman and Chief Executive Officer, Lorrie T. Olivier, that as of Feb. 18, the financing condition contained in the definitive merger agreement between the company and TMI has not yet been satisfied. The company had previously granted a time extension for satisfaction of the financing condition until February 15, 2008. TMI has informed the company that it continues to make progress and believes it will be able to complete its financing arrangements shortly. The company has not, however, granted TMI an additional time extension and, as a result, may terminate the agreement with TMI at any time prior to satisfaction of the financing condition, without liability to TMI.
Transmeridian is continuing discussions with other interested parties with respect to the acquisition of the company. There can be no assurance, however, that current discussions will result in any agreement or transaction. Further, if the company does enter into an agreement to be acquired by a party other than TMI, the value to be received by common stockholders of the company may be less than the $3.00 per share contained in the current agreement with TMI.
- Transmeridian Amends Exchange Offer for 12% Senior Secured Notes (Sep 23)
- TMEI, Subsidiary Extend Conent Payment Deadline on 2010 Notes (Sep 08)
- Transmeridian Extends Deadline Related to 2010 Senior Secured Notes (Sep 02)