Post by
traderlong2 on Jan 22, 2016 10:46am
why this deal will close
Compare the Midwestern offers in less than a year !
They are getting a Bargin imo
Midwestern also knows exactly what this asset is worth
they know what OML 18 is doing and the last well drill results are for umu-16
unlike shareholders Better asset today
for almost 200 million cheapier than 10 months ago
Todays offer
Mart by way of a plan of arrangement under the Business Corporations Act (Alberta). Each Mart shareholder will receive 25 cents in exchange for each Mart common share held for aggregate consideration of all Mart shares of approximately $89.2-million. At closing, Mart and its subsidiaries are expected to have approximately $200.5-million (U.S.) of outstanding bank debt resulting in an overall transaction value of approximately $263-million (U.S.). The arrangement is subject to customary terms and conditions, including a financing condition.
March offer
Mart Resources Inc., further to its March 2, 2015, news release in respect of its letter of intent with Midwestern Oil and Gas Company Ltd., has entered into a definitive arrangement agreement with Midwestern, the operator of and one of Mart's co-venturers in the Umusadege field in Nigeria. Pursuant to the arrangement agreement, a wholly owned subsidiary of Midwestern, will acquire all of the issued and outstanding common shares of Mart by way of a plan of arrangement under the Business Corporations Act (Alberta), including the assumption of all outstanding bank debt of Mart (currently, approximately $200-million (U.S.)), and each Mart shareholder will receive 80 cents in exchange for each Mart common share held.
Comment by
QUANTUMJUMP on Jan 22, 2016 10:48am
it will close because San Leon is backing it