Business
Letter to Minority Shareholders of White Flame
80 Mile PLC has increased its shareholding in White Flame Energy Ltd to 96.64% and has now sent a letter to the remaining minority shareholders proposing to acquire their 3.36% stake. The offer remains consistent with the 2024 terms, providing 1.61 new ordinary shares in 80 Mile for every one White Flame Energy share held. If all minority shareholders accept, this would result in the issuance of 10,047,176 new ordinary shares, valued at £0.0091 per share based on a 60-day volume-weighted average price. The deadline for acceptance of this offer is March 27, 2026. Disclaimer*
About this update from 80 Mile Plc
[{"type":"text","content":"\n\n11 March 2026\n \n80 Mile plc\n \n(\"80 Mile\", the \"Company\" or the \"Group\")\n \nLetter sent to Minority Shareholders of White Flame Energy Ltd by 80 Mile\n \n80 Mile PLC (\"80 Mile\" or the \"Company\"), the AIM, FSE, and OTC listed exploration and development company with projects in Greenland, Finland and Italy, announces an update on its proposed acquisition of the entire issued share capital of White Flame Energy Ltd (\"WFE\"), initially announced on 17 July 2024.\nAs announced on 19 November 2024, the Company completed the acquisition of approximately 95 per cent. of WFE. On 11 March 2025, the Company acquired additional shares in WFE, increasing its aggregate shareholding to 96.64 per cent.\nThe Company is pleased to announce that it has posted a letter to the remaining minority shareholders of WFE, proposing to acquire all of the outstanding ordinary shares of £0.00625 each in WFE, representing the remaining 3.36 per cent. of WFE (the \"Offer\"). The value of the consideration being offered is the same as that offered to WFE's shareholders under the 2024 offer, with each WFE shareholder being offered 1.61 new ordinary shares in 80 Mile (\"Consideration Shares\") for every one WFE share held. Should all minority shareholders accept the Offer, this will result in the issue of 10,047,176 Consideration Shares, using the value of the Company's Ordinary Shares calculated on the basis of the volume weighted average price of the Ordinary Shares for a 60 trading day period prior to the date of t...