The board of Touchstone Exploration Inc. and Trinity Exploration & Production Plc have reached agreement on the terms of a recommended all share offer pursuant to which Touchstone will acquire the entire issued and to be issued ordinary share capital of Trinity. Trinity shareholders shall be entitled to receive: for each Trinity share, 1.5 new Touchstone shares. Trinity shareholders will, in aggregate, receive approximately 58,341,102 new Touchstone shares. Immediately following completion, Trinity shareholders will own approximately 19.9 percent of the share capital of the combined Group. The acquisition represents an implied value of 61.9 pence per Trinity share, valuing the entire issued share capital of Trinity at approximately 24.1 million pounds.
The Trinity Directors intend to recommend that shareholders vote in favour of the Scheme at the Court Meeting and the resolutions to be proposed at the General Meeting.
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