JOHANNESBURG (miningweekly.com) – Thursday marked the last day of trading on the ASX for oil and gas producer Drillsearch Energy, as its merger with Beach Energy became effective.
The Federal Court of Australia on Thursday approved the all-scrip merger, which the companies aimed to implement “as soon as practicable”. Drillsearch stated that it expected the implementation date to be March 1, at which point it would become a wholly-owned subsidiary of Beach.
Drillsearch would apply to be removed from the official list of the ASX on the implementation date.
Last month, the shareholders of Drillsearch voted overwhelmingly in favour of the merger, with 99% support. Drillsearch shareholders were offered 1.25 Beach shares for every Drillsearch share held.