Innamincka Merger Implementation Agreement Terminated
Drillsearch Energy Ltd (ASX: DLS) has been advised by Innamincka Petroleum Ltd that it has terminated the Merger Implementation Agreement providing for a friendly merger between Innamincka and Drillsearch via Scheme of Arrangement. The previously announced friendly merger via Scheme of Arrangement was recommended by the full Board's of Innamincka and Drillsearch. Although over 98% of Innamincka shareholders by number voted in favour of the merger at the Shareholders' Meeting, the scheme failed to receive the support of several large shareholders and as result the Scheme did not receive to required 75% vote necessary to approve the friendly merger.
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