Petroleum Africa
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Tuesday, March 3, 2015
Mart Resources entered into LoI with its partner on the Umusadege field in Nigeria, Midwestern Oil and Gas. The LoI sets out the intention of the company and Midwestern on a non-binding basis, to use good faith efforts to negotiate and enter into a definitive agreement pursuant to which Midwestern would agree to acquire all of the issued and outstanding shares of Mart for cash consideration of CAD$0.80 per common share by way of a plan of arrangement.
The proposed offer price represents a 40.3% premium to the closing price and a 28% premium to the 20-day VWAP price of Mart’s common shares on the TSX on February 27, the last trading day for Mart’s common shares prior to the date of the LoI’s announcement.
As previously announced, following the receipt of an unsolicited, non-binding offer to acquire Mart, the company’s Board of Directors established an independent special committee to review the offer. The Special Committee has reviewed the LoI from Midwestern and has recommended that the company enter into the LoI and proceed with the negotiation of a definitive agreement.
Mart’s board approved the LoI on February 27, following receipt of the special committee’s recommendation and advice from its external financial advisors.
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