AIM Admission Ithaca Energy consideration shares start trading on AIM
2013-04-22 03:55 ET - News Release
Mr. Iain McKendrick reports
ITHACA ENERGY - CONSIDERATION SHARES AIM ADMISSION; RECOMMENDED ACQUISITION OF VALIANT PETROLEUM PLC BY ITHACA ENERGY HOLDINGS (UK) LIMITED (A WHOLLY-OWNED SUBSIDIARY OF ITHACA ENERGY INC.) AIM ADMISSION
On 1 March 2013, the boards of directors of Ithaca Energy Inc. and Valiant Petreoleum PLC reached agreement on the terms of a recommended acquisition under which Ithaca Energy Holdings (U.K.) Ltd., 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 court sanctioned the scheme on April 18, 2013, and admission to trading of Valiant shares on the Alternative Investment Market was cancelled with effect from 7 a.m. on April 19, 2013.
A total of 56,952,321 Ithaca consideration shares have been issued and allotted to holders of scheme shares, following which issue and allotment Ithaca has a total of 316,905,657 common shares outstanding. Admission of the Ithaca consideration shares to AIM, and crediting of the Ithaca consideration shares to CREST accounts, will occur at 8 a.m. today, April 22, 2013. Ithaca has received approval from the Toronto Stock Exchange to list the Ithaca consideration shares conditional upon Ithaca fulfilling all routine listing requirements of the TSX.
The latest date for despatch of share certificates in respect of the Ithaca consideration shares due under the scheme will be May 3, 2013.
Settlement of cash consideration will be effected by Ithaca Energy Holdings (U.K.) Ltd. no later than May 3, 2013, either through CREST or by cheque, as appropriate.