CHALLENGER ENERGY GROUP PLC — M&A Activity 2020

Jul 27, 2020

National Storage Mechanism | Additional information

RNS Number : 2018U

Bahamas Petroleum Company PLC

27 July 2020

27 July 2020

Bahamas Petroleum Company plc

("BPC", "Bahamas Petroleum" or the "Company")

Result of CERP Court and General Meeting

Bahamas Petroleum, the oil and gas exploration company with significant prospective resources in licences in The Commonwealth of The Bahamas, is pleased to note that in connection with the proposed merger with Columbus Energy Resources plc ("Columbus"), the shareholder resolutions proposed at today's Court Meeting and Columbus General Meeting have both been duly passed, by way of poll, with the requisite majorities.

The outcome of today's Court Meeting and Columbus General Meeting means that Conditions 2.1(a) and 2.1(b) (as set out in Part III of the Scheme Document) have been satisfied.  Completion of the Merger remains subject to the satisfaction or, if applicable, waiver of the other Conditions set out in Part III of the Scheme Document, the Court sanctioning the Scheme at the Court Hearing and the delivery of the Court Order to the Registrar of Companies.

The expected timetable of principal events for the implementation of the Scheme remains as set out on page 13 of the Scheme Document.  If any of these dates and/or times change, a further announcement will be made.

Defined terms used but not defined in this announcement have the meaning given to them in the Scheme Document, a copy of which, is available on the BPC website at www.bpcplc.com.

Simon Potter, Chief Executive Officer of Bahamas Petroleum commented: 

"I would like to thank the BPC and CERP shareholders for their overwhelming support for the proposed merger and the new combined entity, highlighted by the substantial vote percentage in favour at each company's General Meeting. We acknowledge the confidence each set of shareholders has shown in the forward plan for the creation of shareholder value from the broader portfolio of the enlarged asset base and for the strong endorsement of the management team to carry it out." 

For further information, please contact:

Bahamas Petroleum Company plc Simon Potter, Chief Executive Officer	Tel: +44 (0) 1624 647 882
Strand Hanson Limited - Nomad Rory Murphy / James Spinney / Jack Botros	Tel: +44 (0) 20 7409 3494
Shore Capital Stockbrokers Limited Jerry Keen / Toby Gibbs	Tel: +44 (0) 207 408 4090
CAMARCO Billy Clegg / James Crothers / Hugo Liddy

ENDS

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