On 28 May 2012, the boards of oil firms Parkmead (LON:PMG) and DEO Petroleum (LON:DEO) announced that they had reached agreement on the terms of a recommended acquisition of the entire issued and to be issued ordinary share capital of DEO by Parkmead. The Acquisition was due to be implemented by way of a Court sanctioned Scheme of Arrangement under Part 26 of the Companies Act 2006.
The Acquisition involves a reduction of capital of DEO under section 641 of the Companies Act 2006. The Scheme Circular, containing the terms and conditions of the Scheme, was posted to DEO Shareholders of 25 June 2012 and the Scheme was approved by the requisite majority of the holders of Scheme Shares on 18 July 2012.
Parkmead and DEO have confirmed that the conditions set out in Part 3 of the Scheme Document have either been satisfied or waived and that the Court has today sanctioned the Scheme and confirmed the Reduction of Capital.
It is expected that the Scheme will become effective tomorrow, 9 August 2012, and that the listing of the DEO Shares on AIM will be cancelled and that the DEO Shares will cease to be admitted to trading on the London Stock Exchange by no later than 7.00 am GMT on 9 August 2012.
(LON:DEO) share price was 0p at 27.25p
(LON:PMG) PC Medics Group share price was +0.13p at 14.63p
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