Petoceltic/Melrose Merger Passes Bulgarian Litmus Test

Petroceltic International reported that its planned merger with Melrose Resources has been approved by the Bulgarian Commission on Protection of Competition.

The proposed merger needed approval from Bulgarian authorities as Melrose holds assets in Bulgaria. The commission approved the merger without conditions and all regulatory conditions of the merger have now been satisfied or waived.

The date for the Court Hearing to sanction the Scheme and to confirm the Reduction of Capital is currently scheduled to take place on October 9. Subject to the satisfaction or waiver of the remaining Conditions (which include the London Stock Exchange and Irish Stock Exchange having acknowledged that the shares of the Enlarged Group will be admitted to trading on AIM and ESM and the sanction of the Scheme and confirmation of the Reduction of Capital by the Court), it is expected that the Scheme will become effective on October 10.

It is anticipated that the Readmission and dealing in the Enlarged Company Shares on AIM and ESM will commence on October 11.