What is the scheme of arrangement between Talon Energy and Strike Energy?
Strike Energy Limited
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What is the scheme of arrangement between Talon Energy and Strike Energy?

In a significant development in the energy sector, Talon Energy Limited (ASX: TPD) has announced that the Federal Court of Australia, sitting in Perth, has approved the scheme of arrangement between Talon Energy and its shareholders. Under this scheme, Strike Energy Limited (ASX: STX) is set to acquire all the shares of Talon Energy, marking a pivotal moment in the energy market. In this article, we delve into the details of the court approval and the expected timeline for this acquisition.

The Scheme Approval

Talon Energy Limited, a key player in the energy industry, has received the green light from the Australian Federal Court for its scheme of arrangement. This arrangement paves the way for Strike Energy Limited to acquire all Talon shares. Talon shareholders can look forward to receiving 0. 4828 new Strike shares for every 1 Talon Share held.

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This acquisition has the potential to reshape the landscape of the energy market, with both companies having their unique strengths and assets.

Lodgement of Court Orders and Trading Suspension

To formalize this acquisition, Talon Energy intends to lodge an office copy of the Court orders with the Australian Securities and Investments Commission (ASIC) on Thursday, December 14, 2023. Once this step is completed, the scheme will become legally effective. Consequently, Talon expects the suspension of trading of Talon Shares on the ASX at the close of trading on the same day. This marks a significant milestone in the process, aligning with the company's commitment to efficient and transparent transactions.

Indicative Timetable

For those closely following this acquisition, the following key dates provide an overview of the expected timeline:

Effective Date of the Scheme and last day of trading of Talon Shares on ASX: December 14, 2023.

Suspension of trading of Talon Shares on ASX: Close of trading on December 14, 2023.
Trading in New Strike Shares issued as Scheme Consideration to commence on a deferred settlement basis: December 15, 2023.

Record Date for determining entitlements to the Scheme Consideration: 7:00 pm (Perth time) on December 18, 2023.

Implementation Date for the issue of Scheme Consideration to Talon Scheme Shareholders (excluding Ineligible Foreign Shareholders and Cash Out Shareholders): December 27, 2023.

Trading in New Strike Shares issued as Scheme Consideration to commence on a normal (T+2 basis): December 28, 2023.

Termination of official quotation of Talon Shares on ASX: 5:00 pm (Perth time) on December 28, 2023, or as otherwise determined by ASX.

It's essential to note that these dates are indicative and subject to change with the approval of Strike, the Court, and ASIC, if required. Any adjustments to this timeline will be promptly communicated to the ASX and published on the Talon website at www. talonenergy. com. au. Talon Energy is committed to keeping its shareholders informed as the scheme progresses, ensuring transparency and clarity throughout the process.

Talon Energy's acquisition by Strike Energy represents a significant development in the energy sector. The court's approval of the scheme of arrangement marks a crucial step in this process, and the expected timeline for the acquisition provides shareholders and industry observers with a clear roadmap of what to expect in the coming weeks. As these two energy giants come together, the market eagerly awaits the synergies and opportunities this acquisition will bring to the forefront of the energy industry.

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