Oil Search (ASX: OSH) shareholders overwhelmingly endorsed the marriage to Santos at a meeting yesterday, putting the lie to all the media stories about how some would try to vote it down.
Proxy votes released ahead of the shareholder meeting by Oil Search showed 95.4% support for the merger.
The votes cast ahead of a scheme meeting at represented 69.6% of issued capital, which have the merger 66% of the 75% vote from shareholders to approve the scheme of arrangement with Santos.
In a statement several hours later Oil Search detailed the results of the meeting which saw the merger “approved by the requisite majority of Oil Search shareholders with 95.07% of votes cast in favour.”
The Scheme remains subject to approval from the National Court of Justice of Papua New Guinea in order to be implemented and certain other conditions precedent as previously described in the Scheme Booklet dated 11 November 11.
Oil Search says it has applied to the PNG Court for orders approving the Scheme at a hearing scheduled for 9:15am (Port Moresby time) on this Thursday, December 9 2.
“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 the PNG 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 said it will make a further announcement after the PNG Court has considered the matter.
If the PNG Court approves the Scheme, Oil Search says it anticipates that the Scheme will become legally effective on Friday, December 10.
If this occurs, Oil Search will apply for its shares to be suspended from trading on the PNGX and ASX with effect from the close of trade on the same day.
Oil Search shares jumped more than 4% to $4.11 while Santos shares were up 1.4% to $4.36.
