Shareholders vote for merger

A MAJORITY of Oil Search shareholders has unanimously voted in favour of the company’s merger with Santos.
Oil Search announced this in a statement after its shareholders participated in a meeting yesterday.
“Oil Search Ltd is pleased to announce that the proposed merger with Santos Ltd was approved by the requisite majority of Oil Search shareholders at the scheme meeting held today (yesterday),” the company said in the statement.
“Under the scheme of arrangement, Santos will acquire all of the shares in Oil Search in return for the issue of new Santos shares to Oil Search shareholders.”
The resolution to approve the scheme, as set out in the notice of meeting in annexure E of the scheme booklet dated Nov 11, was approved by the requisite majority of Oil Search shareholders with 95.07 per cent of votes cast in favour.
“The scheme remains subject to approval from the National Court of Papua New Guinea in order to be implemented and certain other conditions precedent as previously described in the scheme booklet.”
The company said it had applied to the PNG Court for orders approving the scheme at a hearing scheduled for tomorrow) at the National Court in Port Moresby.
“As stated in the scheme booklet, any Oil Search shareholder who wishes to oppose the approval of the scheme at the PNG Court hearing may do so by filing with that court and serving on Oil Search a notice of appearance in the prescribed form, together with any affidavit that the Oil Search shareholder proposes to rely on and subject to any PNG Court direction.
“Oil Search will make a further announcement after the Papua New Guinea Court has considered the matter.”
Meanwhile, Independent Consumer and Competition Commission (ICCC) has given approval to Santos to proceed with acquisition of Oil Search.
Commissioner and chief executive officer Paulus Ain said this after taking into consideration Santos’ authorisation application and submissions including comments from relevant stakeholders and available market information.
The ICCC noted that the proposed acquisition would not reduce competition in any markets PNG.