On 18 February 2016, the Federal Court of Australia approved the Scheme of Arrangement to reflect Drillsearch’s all-scrip merger with Beach Energy Limited (ASX: BPT). The court approval follows overwhelming support for the merger by Drillsearch shareholders at the Scheme Meeting held on 27 January 2016.
Drillsearch Chairman Jim McKerlie said: “On behalf of the Board, I’d like to thank Drillsearch shareholders for their support throughout the company’s journey from a junior explorer to one of Australia’s biggest onshore oil producers.
“This transaction allows Drillsearch shareholders the opportunity to participate in a bigger organisation, well positioned for future growth.”
Drillsearch and Beach are working to complete implementation of the merger as soon as practicable. Drillsearch expects the implementation date to be 1 March 2016, at which point Drillsearch will be a wholly-owned subsidiary of Beach. It is expected that Drillsearch will apply to be removed from the official list of the ASX on the implementation date.
- What is happening?
- How much of the Merged Entity will Drillsearch shareholders own?
- What will I receive?
- Will I have to pay brokerage or stamp duty?
- Can I sell my shares now?
- What options do I have?
16 Dec 2015 – Scheme Booklet released
27 Jan 2016 – Scheme Meeting
18 Feb 2016 – Second Court Date & Scheme Effective Date
25 Feb 2016 – Record Date
1 Mar 2016 – Implementation Date