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Caspian Sunrise completes acquisition of Caspian Explorer
StockMarketWire.com
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Caspian Sunrise said it had completed the acquisition of Caspain Explorer for $3.2 million.
The company announced said the re-registered shares in Prosperity Petroleum, the sole shareholder of KC Caspian Explorer LLP the Kazakh registered entity which owns a 100% interest in the Caspian Explorer, had been finalised, paving the way for the acquisition to go ahead.
The $25 million headline consideration was to be satisfied by the issue of 160,256,410 new Caspian Sunrise shares at a price of 12p per share.
Given the sharp decline in the company's share price the Caspian Explorer purchase price for accounting purposes based on current prices was approximately $3.2 million, compared with the headline price of 25 million in January.
Following the completion of the acquisition, Aibek Oraziman, a director of the company will own 450,364,489 Caspian Sunrise shares representing 21.6% of the enlarged total.
'The immediate Oraziman family shareholding will increase to 903,429,585 shares representing 43.3% of the enlarged total,' the company said.
At 9:59am: (LON:CASP) Caspian Sunrise Plc Ord 1p share price was 0p at 1.55p
Story provided by StockMarketWire.com
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