On November 24, 2014, the boards of Ophir Energy Co., Ltd. (OTCMKTS:OPGYF) and Salamander Energy plc announced the terms of a suggested acquisition by Ophir of Salamander’s issued and to be issued share capital. It was to be influenced by the way of a Court-sanctioned plan of arrangement under Part 26 of the “Scheme “. The circular to Salamander’s shareholders related with the “Scheme Document”, was published on January 14, 2015.
Regarding recommended Acquisition of Salamander by Ophir, Salamander announced on February 25, 2015 that the High Court of Justice has approved the “First Court Order”, related to the sanction of the Scheme. It confirmed that the High Court of Justice has now approved the Capital reduction, which is termed as the “Second Court Order.”
The sanction of the Scheme order was communicated to the Registrar of Companies on February 25, 2015 while the Second Court Order has been communicated to the Registrar of Companies in this week. After it, the Scheme has become effective as per the approved terms. The scheme shareholders as per the Scheme Record time are eligible to get 0.5719 of a new Ophir Share in exchange of each Scheme Share held.
As said earlier in the week, the listing of the Salamander stocks on the Official List and approval to trading of its Shares on the ‘London Stock Exchange’ were halted effective this week. The settlement of Ophir shares done through CREST is completed and the latest date for dispatch of share certificates to be held in certificated form is March 16. 2015.
The share price of Ophir declined by more than 7% to close at $1.90 on Tuesday’s trading session. The traded volume was 2,120 in last trading session. Deutsche Bank has a ‘buy’ rating on the stock.