Receiving Consent of Minister of Energy in Kenya

Source: www.gulfoilandgas.com 1/16/2012, Location: South America

On 13 October 2011 the Boards of Dominion and Ophir announced that they had reached agreement on the terms of a recommended offer to be made by Ophir to acquire the entire issued and to be issued share capital of Dominion (the "Acquisition"). As explained in such announcement, it is intended that the Acquisition be implemented by way of a scheme of arrangement between Dominion and its shareholders under section 99 of the Companies Act 1981 of Bermuda (the "Scheme"). On 12 December 2011, the Scheme was approved by the requisite majority of the Dominion Shareholders.

On 12 January 2012, Dominion announced that the Court Hearing to sanction the Scheme was to be adjourned until early February 2012 as government clearances (the "Regulatory Approvals") were still in the process of being obtained.

Dominion is pleased to announce that the consent of the Minister of Energy in Kenya has now been received and, as a result, the Condition set out of the Scheme Document has now been satisfied.

As soon as practicable after all of the Conditions relating to the Regulatory Approvals have been satisfied or waived, a full revised indicative timetable, including the new last date for dealings in Dominion Shares and Depositary Interests and the new Effective Date of the Scheme, will be announced to the market. Capitalised terms in this announcement have the same meanings as set out in the Scheme Document posted to Dominion Shareholders on 16 November 2011.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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