The boards of Touchstone Exploration Inc. and Trinity Exploration & Production Plc have agreed on a all-share offer deal. Under this agreement, Touchstone will acquire all issued and future ordinary shares of Trinity. In return, Trinity shareholders are set to receive 1.5 new Touchstone shares for each of their Trinity shares. In total, they are estimated to receive about 58,341,102 new shares from Touchstone, hence owning around 19.9 percent of the combined company's share capital.
The acquisition deal translates to an implied value of 61.9 pence per Trinity share, approximating the total issued share capital of Trinity at nearly £24.1 million. The directors of Trinity suggest their shareholders should approve this scheme at the court meeting and endorse the corresponding resolutions at the general meeting.
