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Rockhopper Exploration to buy Mediterranean Oil & Gas

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Staff writer ▼ | May 28, 2014
The boards of Rockhopper Exploration plc and of Mediterranean Oil & Gas plc (MOG) have reached agreement under which Rockhopper will acquire the entire issued and to be issued ordinary share capital of MOG.
Rockhopper Exploration
Rockhopper ExplorationThe boards of Rockhopper Exploration plc and of Mediterranean Oil & Gas plc (MOG) have reached agreement under which Rockhopper will acquire the entire issued and to be issued ordinary share capital of MOG.


The Acquisition is to be effected by means of a Court sanctioned scheme of arrangement under Part 26 of the Companies Act 2006. Under the terms of the Acquisition, shareholders of MOG will receive 6.5 pence per share comprising 4.875 pence in cash and 0.0172 shares of Rockhopper per MOG share.

In addition, under the terms of the Acquisition, MOG Shareholders will receive a contingent entitlement up to a maximum amount of 3.550 pence in cash for each MOG Share assuming MOG’s fully diluted ordinary share capital is 451,192,831.

The initial consideration offer values the entire issued and to be issued share capital of MOG at approximately 29.3 million pounds; represents a 15.6 per cent premium to MOG's closing share price of 5.625 pence on May 22, 2014 (being the last business day prior to the date of this announcement); and represents a 31.1 per cent premium to MOG's average volume weighted share price of 4.957 pence for the three months ended May 22, 2014 (being the last business day prior to the date of this announcement).


 

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