Valiant Petroleum plc provides the following update with regard to its offer to the shareholders of Sagex Petroleum ASA to acquire the entire issued and to be issued share capital of Sagex.
Valiant has notified Sagex that all Conditions of the Offer have now been satisfied and that the Settlement Date is anticipated to occur on or around 13 July 2011. Settlement will occur via the Settlement Mechanics detailed in the Offer letter and 941,657 new ordinary shares in the Company will be issued ("Consideration Shares") in respect of the acceptances received from 94.2% of Sagex shareholders. Application to the London Stock Exchange for admission of these Consideration Shares to trading on AIM has been made and admission is also expected on 13 July 2011.
Following the Settlement Date, Valiant will own in excess of 90% of the shares in Sagex and its board of directors intend to pursue the compulsory acquisition of the remaining shares in accordance with the Norwegian Public Limited Liability Companies Act Section 4-25.
Peter Buchanan, CEO, commented: "We are extremely pleased to have reached completion of the transaction well ahead of our expectations and would like to thank all of those involved who have made this possible. We look forward to becoming an active participant on the Norwegian Continental Shelf and building on the excellent work undertaken by the Sagex management and staff."
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