Bankers Petroleum said Wednesday that the proposed plan of arrangement with affiliates of Geo-Jade Petroleum has received ministerial approval under the Investment Canada Act. Pursuant to the arrangement, Geo-Jade will acquire all the issued and outstanding common shares of Bankers through its affiliates at a cash price of $2.20 per Bankers’ share. Completion of the arrangement is subject to the outstanding regulatory approval of the Chinese State Administration of Foreign Exchange.
Bankers anticipates receipt of this approval in the coming weeks and closing of the arrangement to occur shortly thereafter in July. After the deal is complete, Bankers’ shares will be delisted from the Toronto Stock Exchange and the AIM market of the London Stock Exchange. BNK shares closed at $2 on the TSX on Tuesday.
The stock closed at $2 during the last session. It is down 10.31% since November 16, 2015 and is downtrending. It has underperformed by 13.57% the S&P500.
Bankers Petroleum Ltd. is a Canada-based oil exploration and production firm focused on petroleum assets in Albania. The company has a market cap of $523.60 million. The Company’s divisions include Albania and Canada. It currently has negative earnings. The Company’s activities in Albania are located northwest of Greece in South Eastern Europe.