80 Mile PLC (AIM:80M, OTCQB:BLLYF) announced it has agreed indicative terms for a £61.5 million all-share takeover by Nasdaq-listed Greenland Energy Company, with the proposed 1.1p-per-share valuation representing a 46.7% premium to 80 Mile’s closing price immediately before the offer period began.
The deal will consolidate interests in Greenland’s Jameson Land Basin into a single Nasdaq-listed vehicle, while adding 80 Mile’s wider portfolio of critical-minerals and industrial-gas assets.
Under the proposed transaction, 80 Mile shareholders would receive 0.01108 Greenland Energy shares for each share they hold.
The valuation also represents a 42.9% premium to 80 Mile’s 3 September price, before the indicative terms were agreed, and is 64.2% above the price of its July placing.
Greenland Energy, which raised about US$70 million in April, held US$37.4 million of cash at the end of June. Greenland Energy already owns 4.42% of 80 Mile after buying 246.8 million shares between 25 August and 3 September.
The companies said the larger group would have stronger access to capital and could eliminate duplicated corporate and regional infrastructure costs.
The proposal is not yet a firm offer and remains subject to due diligence, board approvals and other pre-conditions.
