Business
Termination of Amalgamation
Termination of Amalgamation.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n Gulf Keystone Petroleum Ld\n21 June 2007\n\n\n\nNot for release, publication or distribution in or into jurisdictions other than\n the United Kingdom and Bermuda where to do so would constitute a contravention\n of the relevant laws of such jurisdiction\n\n21st June 2007\n\n\n\n GULF KEYSTONE PETROLEUM LTD\n (\"Gulf Keystone\" or the \"Company\")\n\n Notice of termination of Amalgamation with RAK Petroleum\n\nGulf Keystone announces that the Implementation Agreement between Gulf Keystone\nand RAK Petroleum will terminate at 5pm tonight. This termination has been\ntriggered automatically under the terms of the Implementation Agreement, due to\nthe occurrence of a termination event. On 4th June 2007, the Minister\nconditionally approved the proposed Amalgamation and confirmed it to be a change\nof control of Gulf Keystone. However, this approval was conditional upon a fee,\nof US$10 million, being paid by RAK Petroleum to the Algerian Treasury. This\nfee is in excess of the agreed threshold set out in the Implementation\nAgreement, of one per cent. of the Total Consideration, and the letter did not\nconstitute a Minister's Confirmation as defined in the Implementation Agreement.\nThe Company has today received notice from RAK Petroleum that it will not elect\nto waive the termination event which leads to termination of the Implementation\nAgreement in accordance with its express terms at 5pm this evening.\n\nGulf Keystone will now continue to pursue its future independently of \nRAK Petroleum.\n\nUnless otherwise stated, defined terms used in this Announcement shall have the\nsame meaning as those used in the Circular posted to Gulf Keystone Shareholders\non 13 April 2007.\n\n\nEnquiries:\n\nGulf Keystone Petroleum +44 (0)20 7514 1400\nBill Guest\nTodd Kozel\nJon Cooper\n\nCitigate Dewe Rogerson +44 (0)20 7638 9571\nMedia enquiries: Martin Jackson\nAnalyst enquiries: Nina Soon\n\nHoare Govett Limited +44 (0)20 7678 8000\nAndrew Foster\nStephen Bowler\n\nTristone +44 (0) 207 399 2470\nSimon Ashby-Rudd\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n ","length":2363,"tagName":"div"}]