Santos pleased with merger

SANTOS Ltd says it is pleased that the merger of Santos and Oil Search Ltd effected by way of a scheme of arrangement was implemented on Friday.
Santos acquired 100 per cent of the issued capital in Oil Search from Oil Search shareholders.
Santos said in accordance with the terms of the scheme, eligible Oil Search shareholders had been issued the scheme consideration of 0.6275 new Santos shares for each Oil Search share held on the scheme record date on Tuesday.
“Trading of these new Santos shares started on a deferred settlement basis on Dec 13, and are expected to commence trading on a normal settlement basis from Monday (today),” the company said.
“In addition, Santos has issued the new Santos shares otherwise payable to ineligible foreign shareholders and those unmarketable parcel shareholders who have not opted to receive new Santos shares to a nominee who has been appointed to sell those new Santos shares. The net proceeds of sale will be distributed to applicable Oil Search shareholders in accordance with the process set out in the scheme booklet.”
Upon implementation of the US$21 billion (about K51bil) merger, Oil Search shareholders would now own around 38.5 per cent of the merged entity and Santos shareholders would own 61.5 per cent.