Recommended acquisition of Encore Oil Plc by Premier Oil Plc

Wednesday, January 11, 2012
  • For the Scheme to become effective in accordance with its terms, the Court must confirm the reduction of capital at a hearing, which is expected to take place on 13 January 2012.
  • Dealings in EnCore Shares will be suspended by 7.30 a.m. on 13 January 2012.

Premier Oil plc is pleased to note the announcement made by EnCore Oil plc regarding the sanction by the Court of the scheme of arrangement under Part 26 of the Companies Act 2006 to effect the proposed acquisition by Premier of the entire issued and to be issued share capital of EnCore.

In order for the Scheme to become effective in accordance with its terms, the Court must confirm the reduction of capital at a hearing, which is expected to take place on 13 January 2012.

Dealings in EnCore Shares will be suspended by 7.30 a.m. on 13 January 2012. Subject to the Court confirming the capital reduction at the Reduction of Capital Hearing on 13 January 2012, it is expected that the Scheme will become effective on 16 January 2012 and that the cancellation of the admission of the EnCore Shares to trading on AIM will take place by 8.00 a.m. on 17 January 2012.

If the Scheme becomes effective on 16 January 2012, it is expected that the listing of the New Premier Shares on the Official List and the admission of the New Premier Shares to trading on the London Stock Exchange's main market for listed securities will take effect by 8.00 a.m. on 17 January 2012.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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