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Falcon Oil & Gas Ltd. has announced a major milestone in its corporate strategy. During a General Meeting held in Brisbane, Australia, shareholders of its subsidiary, Falcon Oil & Gas Australia Limited, endorsed the sale of a substantial 98.1% interest to Tamboran Resources Corporation. According to official sources, this decision marks a significant pivot in Falcon’s operations, aiming to enhance its market position and streamline its portfolio.
Table of Contents:
The facts
The meeting resulted in shareholders approving the sale to the Tamboran Group, listed on the NYSE and ASX. Falcon and its associates abstained from voting on this resolution, promoting an impartial decision-making environment.
This transaction is part of a broader strategy, with Tamboran Group planning to acquire all subsidiary companies of Falcon, subject to regulatory and shareholder approvals. The completion of this acquisition is crucial for both companies, as it lays the groundwork for upcoming developments.
Implications for minority shareholders
Tamboran Group has announced plans to potentially compulsorily acquire any remaining shares of Falcon Australia held by minority shareholders as part of its acquisition agreement. These stakeholders can anticipate an offer for their shares at a price that will not be lower than what Falcon receives for its interest in the company.
This strategy aims to consolidate ownership and simplify operational management, aligning with Tamboran’s broader ambitions within the oil and gas sector. By achieving complete ownership, Tamboran intends to streamline decision-making processes and enhance operational efficiencies.
The facts
Philip O’Quigley, CEO of Falcon, shared insights on the recent shareholder approval. He stated, “While the broader transaction still requires regulatory and shareholder approvals, this endorsement from Falcon Australia shareholders removes one of the critical conditions needed for Tamboran to advance with the overall transaction. We are on track to close this deal shortly.”
The consequences
This statement underscores the significance of shareholder confidence and regulatory compliance in the oil and gas sector. The endorsement from shareholders indicates a strategic alignment between Falcon and Tamboran, which may enhance their collaborative efforts in future projects.
About Falcon Oil & Gas Ltd.
Falcon Oil & Gas Ltd. is an international company dedicated to exploring and developing unconventional oil and gas resources. Its operations extend across Australia, South Africa, and Hungary. The company is incorporated in British Columbia, Canada, and has its headquarters in Dublin, Ireland, positioning it strategically to capitalize on market opportunities.
For further details regarding Falcon Oil & Gas Ltd. and its ongoing projects, interested individuals can visit www.falconoilandgas.com. This website offers extensive information about the company’s activities, strategic direction, and future initiatives.
It is important to note that neither the TSX Venture Exchange nor its Regulation Services Provider assumes responsibility for the adequacy or accuracy of this announcement.
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