CALGARY - Niko Resources Ltd. (TSX:NKO) says it has an agreement to acquire Voyager Energy Ltd., which is active in natural gas exploration off the coast of Trinidad.
Niko will exchange one of its shares for each 53 Voyager shares. At that ratio and based on Friday's closing stock price, the offer values Voyager at about $37.6 million.
The companies are partners in the 2AB Block, which is a shallow water exploration block covering about 16,000 square kilometres off the coast of Trinidad.
Niko acquired a 26 per cent interest in the exploration block, its first in Trinidad, last summer. At the time, Voyager owned 9.75 per cent, Centrica PLC had 29.25 per cent and Petrotrin had 35 per cent.
Voyager also holds interests in the Shallow and Deep Horizon Central Range blocks and the Shallow and Deep Horizon Guayaguayare blocks in Trinidad.
Gerold Fong, who is president and chief executive of Voyager, will join Niko.
The Voyager board and shareholders representing about 62 per cent of Voyager's stock, on a fully diluted basis, have agreed to vote in favour of the arrangement.
There will be a meeting of Voyager shareholders in March to vote on the proposed deal.
Niko shares closed Friday at $95 on the Toronto Stock Exchange.
Niko Resources to buy Voyager Energy in $37.6-million stock transaction
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Published on
February 8, 2010
- Published on February 24, 2010
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The Canadian Press ~ The News
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