Sintana Energy Inc (TSX-V:SEI, OTCQB:SEUSF) announced that its acquisition of Challenger Energy Group PLC (AIM:CEG, OTCQB:BSHPF) has officially been completed following the effective date of a Court-sanctioned scheme of arrangement.
The acquisition, initially announced on October 9, was approved by the Court on December 12, and all conditions outlined in the scheme document have been satisfied or waived, the company said on Tuesday. As a result, the entire issued ordinary share capital of Challenger is now owned by Sintana.
Under the terms of the acquisition, Challenger shareholders registered at 6 p.m. on December 15 will receive 0.4705 new Sintana shares for each Challenger share held. Settlement of the consideration is expected to be completed by December 30.
Following the scheme’s completion, trading of Challenger shares on AIM will be cancelled as of December 17.
Sintana has applied for the admission of the new Sintana shares to trading on the TSXV and AIM, with dealings expected to begin on or around December 23.
The transaction also brought changes to both companies’ boards. Sintana appointed Iain McKendrick and Eytan Uliel to its board, while Keith Spickelmier moved to a non-executive chairman role.
Challenger directors Iain McKendrick, Simon Potter, and Stephen Bizzell resigned, with Eytan Uliel and Robert Bose remaining on the board of Challenger, now a wholly-owned subsidiary of Sintana.
The updated Sintana board consists of Keith Spickelmier (non-executive chairman), Robert Bose (CEO and executive director), Eytan Uliel (president and executive director), Iain McKendrick (senior independent non-executive director), Doug Manner (non-executive director), and Knowledge Katti (non-executive director).