Shareholders of Sydney-based Drillsearch Energy approved the scheme of arrangement to implement the proposed merger of Beach Energy and Drillsearch.
Strong support for the merger was evident, with approximately 99% of votes cast in favor of the billion dollar merger.
Acting chief executive officer of Beach, Neil Gibbins said, “The support shown today by Drillsearch shareholders is further evidence of the compelling nature of this transaction. As we have said before, by combining two complementary organizations we expect to create the leading ASX‐listed mid‐cap oil and gas explorer and producer. We now look forward to completing the transaction, integrating the operations and continuing to execute our strategy to achieve sustainable growth in shareholder value.”
The second court hearing to approve the scheme will be held on 18 February 2016 in the Federal Court of Australia in Sydney. Assuming all other conditions precedent to the scheme are satisfied or waived, the issue of new shares to Drillsearch shareholders is expected to occur in early March 2016.
AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week