Israel Petroleum to acquire Shaldieli

Oct 25, 2010 12:00 AM

Israel Petroleum Corp. (IPC) has signed an agreement to acquire the publicly listed Israeli company Shaldieli in a reverse takeover. IPC will place its ownership interests in the Myra and Sara drilling licenses offshore Israel -- owned through a limited partnership -- into the company, which currently has no assets or liabilities, in exchange for 90 % ownership of the company and a controlling interest therein.

The transaction is subject to regulatory approval and requisite approval of corporate organs. The prospectus for the transaction is expected to be filed with the Israel Securities Authority. It has been inactive but is now approved for unrestricted trading.

After the acquisition, a total of approximately 144.8 mm shares will be issued to IPC. For tax reasons, IPC will be required to hold these shares for two years. Howard Cooper, currently the manager of IPC through his company International Three Crown Petroleum, will be the Chairman and President of the company following the closing.

IPC will appoint three board members for the five-member board. IPC currently owns 50 % of IPC Oil and Gas (Israel) (IPC Israel), which owns a 13.609 % interest in the Sara and Myra licenses. Under the agreement with Shaldieli, IPC will exchange its 50 % ownership in IPC Israel for ownership of 90 % of the shares of Shaldieli, and Shaldieli will acquire ownership of IPC's 50 % interest in IPC Israel.

Also, Shaldieli will hold 50 % interest in the general partner of IPC Israel along with an entity owned by Ofer Investments, the owner of the other 50 % of IPC Israel under the agreement announced earlier between IPC and Ofer Investments.

Alexander's Commentary

Change of face - change of phase

In the period of July 20 till August 3, 2015, Alexander will be out of the office and the site will not or only irreg

read more ...
« October 2020 »
October
MoTuWeThFrSaSu
1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31

Register to announce Your Event

View All Events