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COMPLETION OF THE ACQUISITION OF MERLON
COMPLETION OF THE ACQUISITION OF MERLON.
About this update from Pharos Energy Plc
[{"type":"text","content":"\n \nRNS Number : 8834U Soco International PLC 02 April 2019 \n\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\nFOR IMMEDIATE RELEASE\n \n SOCO International plc\n(\"SOCO\" or the \"Company\" or, together with its subsidiaries, the \"SOCO Group\")\nCOMPLETION OF THE ACQUISITION of merlon el fayum petroleum company\nFurther to the Company's announcement on 29 March 2019, SOCO is pleased to announce the completion of the acquisition of Merlon Petroleum El Fayum Company (\"Merlon\") from Merlon International LLC (the \"Seller\") (the \"Transaction\"). \n \nAs previously announced, SOCO agreed to acquire Merlon in consideration for approximately US$136 million in cash and the issue of 65,561,041 new SOCO ordinary shares to the Seller (the \"Consideration Shares\"). Prior to their issuance, the Consideration Shares represented 19.75 per cent. of SOCO's issued share capital or 16.49 per cent. of SOCO's issued share capital as enlarged by the Consideration Shares (in each case, excluding treasury shares). \nThe Consideration Shares will be issued to the Seller on completion with an obligation on the Seller to distribute such shares to its shareholders within 30 days of completion, save in relation to up to 5.8 million shares (representing less than 1.5 per cent. of the Company's enlarged issued share capital) that the Seller may retain for up to 18 months following completion. Other than the lock-up arrangements relating to Merlon's President and CEO, Jason Stabell, as disclosed in the Company's circular to its shareholders dated 5 December 2018 (the \"Circular\"), the Consideration Shares will not be subject to any lock-up.\nMerlon has agreed to pay an assignment fee in respect of the Transaction to the Egypt...