Bahamas Petroleum Co - Completion CERP Merger and Issue of New Shares
("BPC" or the "Company")
Completion of Merger with Columbus Energy Resources plc and Issue of New Shares
Pursuant to the Scheme, a total of 757,261,511 new BPC ordinary shares will be issued and allotted to holders of Scheme Shares, 5,160,305 new BPC ordinary shares will be issued to Columbus's management pursuant to their respective settlement and termination arrangements and 106,466,976 new BPC shares will be issued and allotted to
A further issue of approximately 21 million new BPC ordinary shares and 17 million new BPC nil cost options, pursuant to the Columbus Executive Salary Options and as set out in Columbus's Scheme Document, and 31 million new BPC ordinary shares to BPC's advisors in relation to the merger is expected to occur during the week commencing
As announced on
The New Shares will rank pari passu with the existing ordinary shares of 0.002p each in the capital of BPC (the "Ordinary Shares"). Application has been made to the
Following the issue of the New Shares, the Company's total issued share capital will comprise 3,352,664,877 Ordinary Shares.
The Company does not hold any shares in treasury at the date of this disclosure. The issued share capital figure can be used by shareholders as the denominator for the calculations by which to determine if they are required to notify their interest in, or a change to their interest in, the Company under the
Defined terms used but not defined in this announcement have the meaning given to them in Columbus's Scheme Document, a copy of which, is available on the BPC website at www.bpcplc.com.
"With the completion of the merger of BPC and Columbus, we today become a single company, in pursuit of a single-minded vision: the creation of a revenue generating, full-cycle,
To achieve this vision we have a clear strategy, where we will apply a portfolio approach to asset ownership across the full life cycle of the hydrocarbons business, in a manner that appropriately balances risk and reward, ensures access to capital on competitive terms, and effectively leverages our core expertise and experience. Going forward, BPC is an exploration and production business, intent on generating reliable, growing production cashflows capable of supporting exploration activities, and which together will create significant value for all stakeholders. The merger of the two companies allows each to provide something different from within that business cycle to the combined new company; each is providing what the other hitherto has not or does not have. Together the asset base is more robust, has broader interests and is, as a consequence, more financeable and thus more valuable.
Many people have worked tirelessly from both companies and advisor groups in order to bring this merger about - even more so given the difficult and trying circumstances brought about by Covid-19 restrictions. I would like to thank them all for their efforts.
Now comes the hard work."
For further information, please contact:
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Tel: +44 (0) 1624 647 882
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Tel: +44 (0) 20 3983 9263
Tel: +44 (0) 20 7409 3494
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Tel: +44 (0) 207 408 4090
Tel: +44 (0) 20 3757 4983
Notes to editors
BPC is listed on the AIM of the
This information is provided by RNS, the news service of the
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