Caspian Sunrise extends due date on 3A Best Group acquisition
By Josh White
Date: Tuesday 13 Nov 2018
(Sharecast News) - Caspian Sunrise updated the market on its acquisition of 3A Best Group on Tuesday, having initially announced the transaction to buy the 1,347 square kilometre contract area near the Caspian port city of Aktau on 29 May.
The AIM-traded firm said then that the consideration would total $24m, payable by the issue of 149,253,732 Caspian Sunrise shares issued at a price of 12p each.
Completion of the acquisition was dependent on the satisfaction of a number of post -signing conditions, with the acquisition agreement signed in May specifying a long stop date of 31 December, by which time all conditions were due to be met.
"Caspian Sunrise is pleased to confirm that all the material pre conditions, including the issuance of the new licence have been completed," the firm said on Tuesday.
"It is now the intention of the parties to formally complete the acquisition in early 2019.
"Accordingly, by a separate agreement dated 9 November, the parties to the acquisition have extended the long stop date to 30 June 2019."
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