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Ophir shareholders approve shares acquisition by Medco

JAKARTA (RambuEnergy) – Ophir Energy Plc, a U.K.-based oil and gas company said its shareholders have approved the company’s shares acquisition by Indonesia’s Medco Energi Global Pte Ltd, a wholly-owned subsidiary of PT Medco Energi Internasional Tbk (IDX: MEDC).

At a Court Meeting and General Meeting of Ophir Shareholders held earlier today (March 25) in connection with the recommended offer for Ophir by Medco Global for the entire issued and to be issued ordinary share capital of Ophir to be effected by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006, all the resolutions proposed were duly passed.

“At the Court Meeting, a majority in number of Scheme Shareholders, who voted (either in person or by proxy) and who together represented over 75 percent of the voting rights of Scheme Shareholders … voted in favour of the resolution to approve the Scheme. The resolution was accordingly passed,” Ophir said in a statement.

Last week, Medco Global raised the offered price for Ophir shares valued approximately £408.4 million or around US$535.84 million, representing an increase of 2% from the previous offer.

In the latest offer, Medco raised the recommended all cash offer to acquire the entire issued and to be issued share capital of Ophir (other than any ordinary shares held by Ophir in treasury).

Under the terms of the new offer, Ophir Shareholders will be entitled to receive final offer price of 57.5 pence in cash for each Ophir shares valued at £408.4 million. (*)


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