Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF) released an update on its pending acquisition of Challenger Energy announced earlier this year.
The acquisition, which will see Sintana acquire all issued and to-be-issued shares of Challenger, is to be carried out through a court-sanctioned scheme of arrangement under Isle of Man law.
A newly released scheme document sets out the full terms and conditions of the transaction, along with the timetable for shareholder meetings and court approvals.
Shareholders of Challenger will vote on the proposal at meetings scheduled for November 26 at the company’s registered office in the Isle of Man.
Challenger’s independent directors, advised by Gneiss Energy, have unanimously recommended that shareholders back the scheme, calling the terms fair and reasonable.
Upon completion, Challenger’s shares will be delisted from London’s AIM market, and Sintana will apply for the admission of its shares to trading on AIM, alongside its existing TSX Venture Exchange listing.
Sintana said it expects Challenger’s AIM listing to be cancelled around mid-December 2025, following the effective date of the scheme.