Sintana Energy Inc. Provides Update on Challenger Acquisition
Exciting Developments in Sintana Energy's Acquisition of Challenger
TORONTO — Sintana Energy Inc. (TSX-V: SEI) is delighted to share the latest news concerning its pursuit of acquiring Challenger Energy Group PLC. This all-share acquisition will allow Sintana to obtain the entirety of Challenger's issued ordinary share capital.
Acquisition Process Progress
On October 9, Sintana and Challenger both made key announcements related to the proposed offer, with Challenger's Board revealing that they have filed a Claim Form in the Isle of Man's High Court. This Claim aims to secure a court meeting scheduled for November 26, where Challenger’s shareholders will deliberate on the arrangement. If a substantial majority approves it, the Court could sanction the proposed scheme.
Details of the Court Meeting
The Court Meeting will involve the shareholders voting either in person or via proxy. If 75% of those present agree, the Isle of Man Court may approve the proposed scheme as per section 152 of the Isle of Man Companies Act. A preliminary hearing for the Claim is set for October 29, allowing shareholders the opportunity to attend and express their views.
Support from Challenger's Board
Challenger’s independent directors have unanimously recommended that shareholders support the acquisition. Sintana has secured commitments from several shareholders, including some directors, to vote in favor of the acquisition, contributing to approximately 34.2% of Challenger's share capital as of October 8.
Recommendation from Sintana’s Special Committee
The Special Committee, composed of disinterested directors, reviewed the acquisition's fairness with the help of Pareto Securities AS. Their recommendation has received unanimous support from the directors at Sintana, emphasizing their confidence in the strategic move.
Next Steps for the Acquisition
Completion of this acquisition remains contingent upon standard regulatory approvals, stock exchange validations, and the agreement of Challenger's shareholders. Sintana anticipates finalizing the acquisition by the end of the fourth quarter.
About Sintana Energy
Sintana Energy is focused on exploring and developing petroleum resources across several operations in prominent regions. Currently, it holds extensive exploration licenses in Namibia and the Magdalena Basin in Colombia, targeting high-potential petroleum assets. The company’s strategy revolves around acquiring, developing, and producing energy resources efficiently.
For further inquiries or updates about Sintana’s projects and operations, please visit their official website at www.sintanaenergy.com.
Frequently Asked Questions
What is the current status of Sintana Energy's acquisition of Challenger?
Sintana Energy is progressing with its all-share acquisition of Challenger Energy Group, with proceedings underway in the Isle of Man courts.
Why is the Court Meeting significant for Challenger shareholders?
The Court Meeting is essential as it will determine if the proposed acquisition scheme receives the necessary shareholder approval to proceed.
What percentage of Challenger’s shareholders supports Sintana’s acquisition?
As of October 8, about 34.2% of Challenger’s shareholders, including some directors, have pledged their votes in favor of the acquisition.
When is the expected closing date for the acquisition?
Sintana expects to finalize the acquisition by the end of the fourth quarter of the year.
How is Sintana Energy positioned in the energy sector?
Sintana Energy is actively engaged in exploration and development across multiple geographical areas, focused on maximizing the potential of its petroleum assets.
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