San Leon News releaseStill further proof of the fleecing of Mart shareholders. SL get only 1/2 the interest in OML 18 that Mart owned!!!!! And do not forget, we get nothing for the Umugini 15% interest or the MSA.
:San Leon requires shareholder approval and other regulatory approvals to benefit from San Leon's shares in BidCo. Subject to such approvals, this step of the transaction will provide San Leon with:
· a 4.05% indirect economic interest in the world-class OML 18 block, onshore Nigeria;
· a minimum 65% enhanced cash sweep of BidCo's production proceeds from OML 18 to cover the timely repayment of debt incurred to finance the total acquisition cost; and
· the right to provide oilfield services, such as workover and drilling rigs, to the OML 18 operator (EROTON Exploration and Production Limited).
The remaining steps of the larger overall deal provide the opportunity for San Leon's indirect economic interest on OML 18 to be increased to a maximum of 9.72%, by arranging up to approximately US$100 million in additional funds to BidCo. Details of the approvals process, and plans for the next steps of the deal, will be announced in due course."
I really hope the Regulators have stomped on that MMT shareholder vote!!!!!