The Federal Court of Australia has approved the scheme of arrangement to implement Drillsearch Energy Ltd.’s (ASX: DLS) all-scrip merger with Beach Energy Ltd.
The court approval follows support for the merger by Drillsearch shareholders at the Scheme Meeting held on Jan. 27. Drillsearch expects to lodge the final court orders with the Australian Securities and Investments Commission today, at which point the scheme will become effective. As a result of the scheme becoming effective, Drillsearch shares will be suspended from trading as of the close of trading today. The record date for the purposes of the scheme is 7 p.m. on Feb. 25.
Drillsearch and Beach expect to complete implementation of the merger as of March 1, at which point Drillsearch will be a wholly owned subsidiary of Beach. It is expected that Drillsearch will apply to be removed from the official list of the ASX on the implementation date.