80 Mile PLC shares climbed 7% to 0.80p after Greenland Energy agreed indicative terms for a £61.48 million all-share acquisition. Under the proposal, each 80 Mile share would exchange for 0.01108 new Greenland Energy common shares, implying a value of approximately 1.1p per share. The implied premiums are 46.67% against the 7 September mid-market price, 42.86% against the 3 September mid-market price, and 64.18% against July's placing price. Greenland Energy has already acquired 246.7 million 80 Mile shares, representing 4.42% of existing issued capital, at a weighted average price of 0.73p. The deal is subject to pre-conditions including confirmatory due diligence and unanimous backing from 80 Mile's Independent Directors.
80 Mile Plc80 Mile shares rise on agreed acquisition terms at a premium.
Greenland Energy Company Common StockGreenland Energy is acquiring 80 Mile, expanding its asset base.
