Touchstone's acquisition offer for Trinity is officially dead this past week.
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Trinity's announcement :
lse.co.uk
25 September 2024
Withdrawal of the Touchstone Scheme and lapsing of the Touchstone Offer
On 18 September 2024, Trinity announced that it was seeking the permission of the Court to formally withdraw the scheme of arrangement relating to the Touchstone Offer (the "Touchstone Scheme") (the "Withdrawal"), and that a Court hearing had been scheduled for 25 September 2024 (the "Withdrawal Hearing").
On 19 September 2024, Touchstone confirmed that it does not intend to exercise its right to implement the Touchstone Offer by way of a Takeover Offer as an alternative to a scheme of arrangement, and that it had requested and been granted the Takeover Panel's consent for the Touchstone Offer to lapse upon the Withdrawal taking effect.
Trinity today announces that, as requested, the Court has dismissed Trinity's application for sanction of the Touchstone Scheme, with the result that the Withdrawal is effective immediately and, consequently, the Touchstone Offer has now lapsed.
The Trinity Directors note that, following the Withdrawal and the lapsing of the Touchstone Offer, the irrevocable undertakings to accept the Touchstone Offer entered into by certain Trinity Shareholders and Trinity Directors are no longer binding and, therefore, such Shareholders and Directors will be able to exercise freely their votes at the Court Meeting and General Meeting to be convened in connection with the Lease Operators Acquisition.
Next Steps with respect to the Acquisition
The Trinity Directors will now seek the permission of the Court to convene the Court Meeting and the General Meeting in connection with the Acquisition and to proceed with the publication of the shareholder circular containing full details of the Acquisition and the Scheme (the "Scheme Document").
An expected timeline of principal events leading up to the Scheme becoming Effective will be set out in the Scheme Document when published.
Defined terms used but not defined in this Announcement shall have the meaning given to them in the Rule 2.7 Announcement relating to the Lease Operators Offer.
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Touchstone's confirmation announcement
https://www.londonstockexchange.com/news-article/TXP/offer-update-confirmation-of-lapsing-of-offer/16684059
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The new Cascadura 2 & 3 gas wells have been perforated, currently choked off, and just awaiting the completion of the pipelines and inspection to be completed. Gas flow should commence in the next couple weeks, fairly close to Touchstone's guidance of end of September.
Should be getting an operations update soon.
GLTA ! |