Touchstone Exploration Inc. Provides Offer update - lapsing of Acquisition

Source: www.gulfoilandgas.com 9/19/2024, Location: North America

The board of directors of Touchstone (the "Touchstone Board") notes Trinity's announcement on 18 September 2024 (the "Announcement") that the board of directors of Trinity (the "Trinity Board") are seeking the permission of the Court to formally withdraw the Scheme ("Withdrawal") at a Court hearing which has been scheduled for 25 September 2024 (the "Withdrawal Hearing").

Notwithstanding withdrawal of the Scheme, the Touchstone Board confirms that it does not intend to exercise its right to implement the Acquisition by way of a Takeover Offer for the Trinity Shares as an alternative to the Scheme (as provided for under paragraph 10 of Part B of Part Three of the Touchstone Scheme Document).

Consequently, the Touchstone Board has requested the Takeover Panel's consent for the Acquisition to lapse upon Withdrawal taking effect, which consent has been granted.

As stated in the Announcement, assuming the Court grants its permission for Withdrawal at the Withdrawal Hearing, Withdrawal will take effect immediately following the Withdrawal Hearing, at which time the Acquisition will also lapse with immediate effect.

Paul Baay, President and Chief Executive Officer of Touchstone, commented:
"We are disappointed with the outcome of this process, and the fact that UK takeover rules make it possible for our offer not to complete at such a late stage in the process despite having obtained both shareholder and regulatory approvals. We believe our offer represented compelling value for all stakeholders.

However, Touchstone remains committed to maintaining strict discipline in all corporate activities. We will only pursue investments that align with our strategic and financial goals, ensuring they deliver value to our shareholders.

As we continue to advance our operations to tie in the Cascadura-2ST1 and Cascadura-3ST1 wells towards their first production, along with our upcoming fourth-quarter drilling program, we look forward to updating our shareholders on our strategic and operational progress in the coming months. We will soon provide an updated presentation and host an investor forum to share our developments."

Capitalised terms used but not defined in this announcement have the meanings given to them in the shareholder circular published by Trinity in connection with the Scheme on 24 May 2024 (the "Touchstone Scheme Document").


United Kingdom >>  12/13/2024 - Orcadian Energy is pleased to announce that, the company has agreed to sell 50% of the ordinary shares of HALO Offshore UK Ltd ("HALO") to The Indepen...
United Kingdom >>  12/12/2024 - Parkmead, the independent energy group focused on growth through gas, oil and renewable energy projects, is pleased to announce the signing of an agre...

United States >>  12/12/2024 - Alternus Clean Energy, Inc. ("Alternus"), a global provider of international renewable energy solutions, announces it has completed the acquisition of...
United Kingdom >>  12/11/2024 - Cordiant Capital, the specialist global infrastructure investor and real assets manager, is pleased to announce the acquisition of HydrogenOne Capital...

United States >>  12/11/2024 - Power Supply Company LLC, a leading electric utility distributor in Tennessee, has been acquired by Cape Electrical Supply. The acquisition brings tog...
United States >>  12/11/2024 - OmniMax International ("OmniMax", or the "Company") has acquired Millennium Metals, Inc. ("Millennium"). Millennium is a leading manufacturer of roofi...




Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.