The boards of Parkmead Group (PMG.L) and Lochard Energy Group announced that they have reached agreement on the terms of a recommended all-share offer for Lochard. Parkmead will acquire the entire issued and to be issued ordinary share capital of Lochard. Based on the closing price of a Parkmead share of 12.625 pence on 22 May 2013, the acquisition values the entire issued and to be issued share capital of Lochard at approximately 14.5 million pounds, and each Lochard Share at approximately 4.9 pence.
The acquisition is intended to be implemented by way of a court-sanctioned scheme of arrangement. Scheme shareholders will be entitled to receive 0.385 Parkmead consideration shares for each scheme share held at the scheme record time.
Lochard is an AIM quoted independent oil and gas production, appraisal and development company focused on the UKCS. Lochard's principal asset is its 10 percent interest in the Athena field.
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