Abbot Group Offer Update for Songa Drilling

On 8 May 2006, Abbot Group plc, through its wholly owned subsidiary Abbot Holdings Norge AS ("Abbot"), made a recommended offer for Songa Drilling. As at 3.00 p.m. on 1 June 2006, being the end of the Acceptance Period of the Offer, valid acceptances of the Offer had been received in respect of 66,068,887 Songa Drilling Shares (representing approximately 97.6 per cent.).

Included within the valid acceptances of the Offer are elections for the Partial Share Alternative in respect of 39,786,608 Songa Drilling Shares (representing approximately 38.8 per cent. of the Songa Drilling Shares).

Therefore pursuant to the Offer, Abbot will be satisfying the consideration payable under the Offer by issuing a total of 47,743,925 New Abbot Ordinary Shares and paying a total of approximately NOK1.16 billion (£103 million) in cash.

The New Ordinary Shares have now been admitted to trading and the Offer is accordingly unconditional in all respects.

Definitions used in the Prospectus sent to Shareholders dated 8 May 2006 shall have the same meanings when used in this announcement, unless the context requires otherwise.

Find out more about  Abbot Group

Search for more Abbot Group News

Posted 02/06/06

Back