Premier Oil’s shares will resume trading on the London Stock Exchange after reaching a deal with E.ON for its North Sea assets.
The company had suspended its trading last month after it was announced it had agreed to deal, which was estimated to be worth around $120million.
At the time, the pending deal was classified as a reverse takeover under Listing Rules.
Premier said it has now agreed with E.ON to reduce the completion adjustment to $15million and the aggregate consideration for the transaction payable by it to $135million.
In a statement, the company said the move was as a result of the increase in dividend paid to E.ON prior to completion.
A spokesman said: “On the basis of this lower aggregate consideration, the acquisition has been classified as a Class 1 transaction. We have requested that Premier’s ordinary shares and 5%
listed bonds resume trading on the London Stock Exchange from 7.30am on Monday 1 February 2016.
“As a Class 1 transaction, the proposed acquisition will be subject to approval by Premier’s shareholders. Premier intends to publish a shareholder circular and notice of meeting in due
course, with a shareholder vote to follow during March/April.
“The proposed acquisition is also subject to the approval of Premier’s US Private Placement noteholders and lending banks.”
Premier will acquire interests in licence in the Central North Sea, West of Shetland and the Southern Gas Basin.
This includes shares in Elgin-Franklin, Huntington, Babbage and Tolmount.