Trinity delays publication of scheme document for its takeover

23rd Aug 2024 12:01

(Sharecast News) - Trinity Exploration & Production announced a delay in the publication of the scheme document related to its recommended cash acquisition by Lease Operators on Friday.

The AIM-traded firm said the acquisition, first announced on 2 August, would involve Lease Operators purchasing the entire issued and to-be-issued share capital of Trinity for 68.05p per share, to be carried out through a court-sanctioned scheme of arrangement under the Companies Act.

Originally, the scheme document, which would provide full details of the acquisition along with notices for the required court and general meetings, was expected to be published in August.

However, Trinity's board said it had sought and received approval from the Takeover Panel to delay the publication.

The board said the postponement was intended to align the document's release with the anticipated receipt of the remaining regulatory approvals, and to finalise a court-approved timetable for the scheme.

At 1142 BST, shares in Trinity Exploration & Production were up 0.37% at 54.2p.

Reporting by Josh White for Sharecast.com.