Horizon Oil Limited (Horizon Oil) welcomes the outcome of Roc Oil Company Limited’s (Roc Oil’s) general meeting (EGM) held today at which a resolution to amend Roc Oil’s constitution was not passed by its shareholders.
The resolution was proposed by shareholders holding 6.6% of Roc Oil shares. The board of Roc Oil unanimously recommended shareholders vote against the resolution.
As a consequence of the Roc Oil shareholder decision at the EGM, Horizon Oil’s proposed merger with Roc Oil by way of a scheme of arrangement (Scheme) remains on track. ROC shareholder approval will not be required in order to implement the Scheme.
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