Falkland Oil Shareholders Face Tighter Deadline
Falkland-based shareholders of oil explorer Falkland Oil and Gas have only days to review a takeover offer from Rockhopper and vote on it due to transport problems delaying the delivery of legal papers to the remote islands.
Shareholders who reside on the Falkland Islands, the south Atlantic islands located 500 kilometres off the south American coast, will receive documents on Dec. 26, only days before a deadline for submitting votes on the all-share takeover offer that values the company at $85 million.
"There has been a delay in the documentation reaching the Falkland Islands," the AIM-listed company said in a statement.
The documents were sent on Dec. 11, but due to weight restrictions they were held up in Chile, a spokesman said.
Shareholders voting by proxy, because they cannot attend the general meeting in person, face a Dec. 31 deadline to submit votes to lawyers based in the Falkland Islands.
The shareholder meeting will take place on Jan. 5 in London.
The oil and gas exploration company has come under pressure from the steep drop in oil prices and an unsuccessful well drilled at Humpback in the Falklands, a British overseas territory, in late October.
As part of the takeover, FOGL shareholders will own around 35 percent of the enlarged Rockhopper company.
(Reporting by Karolin Schaps)
