leadf
logo-loader
view88 Energy Ltd

88 Energy set to move XCD offer to compulsory acquisition

The plan is to create an explorer with a diversified portfolio on Alaska’s North Slope.

88 Energy Ltd -

88 Energy Ltd (LON:88E) told investors its offer for XCD Energy has now reached a level that guarantees it will reach the minimum threshold required for compulsory acquisition.

The AIM-quoted Alaska focussed exploration firm said that as a result the offer period will not be extended beyond July 13, at 7:00pm (Sydney).

READ: 88 Energy agrees takeover of XCD Energy

“Those that wish to benefit from the 7 day accelerated payment terms should accept into the offer immediately or risk a delay of up to approximately 50 days to receive the consideration shares under the compulsory acquisition timetable,” 88 Energy said in a statement.

In May, 88 Energy said the combination with XCD creates an explorer with a diversified portfolio on Alaska’s North Slope, with three distinct key areas: Project Icewine, Project Peregrine, and the Yukon licences.

It will have improved scale, market presence and funding capability, and share liquidity, according to the company.

Quick facts: 88 Energy Ltd

Price: 0.55 GBX

AIM:88E
Market: AIM
Market Cap: £66.89 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of 88 Energy Ltd named herein, including the promotion by the Company of 88 Energy Ltd in any Content on the Site, the Company receives from said...

FOR OUR FULL DISCLAIMER CLICK HERE

Market Report: UK borrowing soars in January and British retail sales...

FTSE 100 slipped lower on confirmation UK government borrowing hit a record high of £8.8bn in January. London’s leading index slipped 11 points to 6,605 in early trading. The Office for National Statistics reported UK retail sales also dropped 8.2% in January compared to December because of...

1 week, 6 days ago

2 min read