Shareholders back Imperial bid
MORE than the required 90% of Imperial Energy’s shareholders have voted in favour of a takeover of the Russia-focused oil explorer by Indian state-run Oil and Natural Gas Company Videsh (OVL).
The purchaser is now set to apply to take Leeds-based Imperial Energy off the stock market.
In total, Imperial shareholders in respect of 99.2m shares voted in favour of the deal, a representation of 96.8% of the company’s share capital.
OVL had set a condition of 90% acceptance of the deal by Imperial’s shareholders by December 30.
OVL has previously tried to to delay its £12.50-a-share offer for the company, which values Imperial at £1.4bn, in the wake of the recent slump in the oil price and was expected to back out of the deal if its condition was not met by yesterday’s deadline.
The company said the offer was now “wholly unconditional” and would compulsorily acquire any outstanding shares in Imperial.
OVL said Imperial’s delisting from the stock market would not take place any earlier than January 29 but said the cancellation of the listing would reduce the value of any outstanding shares held by shareholders who had not accepted the offer.
Imperial was founded by Yorkshire lawyer Peter Levine and has operations in Siberia.
