Deltic Energy plc shareholders are due to vote on 28 August on the £6.9 million cash offer for the company from Viarao Energy Ltd’s main operating subsidiary, RockRose Energy.
SCHEDULE
At least 75% of votes are needed at a court meeting and a general meeting to approve the sale, as well as sanction by the court.
The company’s directors recommend the transaction, agreed in June.
Once approved, Deltic’s final day of trading is expected to be the business day immediately prior to the effective date, followed by suspension of share dealings.
After its shares are cancelled, Deltic will be re-registered as a private limited company.