Wednesday, September 29, 2010

BVI holding company provides update to its arrangement with Afren plc

British Virgin Islands-domiciled exploration company Black Marlin Energy Holdings Limited has announced that on September 21, 2010 it received the approval of the majority of Afren shareholders for the proposed acquisition of Black Marlin by Afren. Earlier this year, the BVI holding entered into a definitive agreement with Afren plc, providing for this acquisition. Upon completion of the arrangement, Black Marlin is to become a wholly-owned subsidiary of Afren, pursuant to a scheme of arrangement under the law of the British Virgin Islands.

Black Marlin also provided an update to the Arrangement to the shareholders of the BVI company.

The final court hearing to approve the arrangement is expected to be held on October 6, 2010, and the arrangement is expected to take effect from October 8, 2010. On the effective date, the shares of the Black Marlin Energy will be delisted from the TSXV. In addition, Black Marlin intends to close the register of shareholders maintained by Olympia Trust Company after close of business on the business day prior to the effective date.