Scheme Effective On 1 March 2013, the Boards of Directors of Ithaca Energy Inc. ("Ithaca") and Valiant Petroleum plc ("Valiant") announced that they had reached agreement on the terms of a recommended acquisition under which Ithaca Energy Holdings (UK) Limited, a wholly-owned subsidiary of Ithaca, would acquire the entire issued and to be issued share capital of Valiant by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme"). The Court sanctioned the Scheme on 18 April 2013. The Boards of Directors of Ithaca and Valiant are pleased to announce that the Scheme has now become effective in accordance with its terms. Holders of Scheme Shares are entitled to receive 307 pence in cash and 1.33 Ithaca Consideration Shares for each Valiant Share held. Admission to trading of Valiant Shares on AIM has been cancelled with effect from 7.00 a.m. today, 19 April 2013. Ithaca Consideration Shares have been allotted to holders of Scheme Shares. Admission of the Ithaca Consideration Shares to AIM, and crediting of the Ithaca Consideration Shares to CREST accounts, will occur by 8.00 a.m. on 22 April 2013. Ithaca has received conditional approval from the Toronto Stock Exchange to list the Ithaca Consideration Shares conditional upon Ithaca fulfilling all of the listing requirements of the Toronto Stock Exchange. The latest date for despatch of share certificates in respect of the Ithaca Consideration Shares due under the Scheme will be 3 May 2013. Settlement of cash consideration will be effected by Ithaca Energy Holdings (UK) Limited no later than 3 May 2013, either through CREST or by cheque, as applicable. Defined terms used but not defined in this announcement have the meanings set out in the Scheme Document dated 12 March 2013.
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