Longreach Oil & Gas Limited (LOI.V) and APIC Petroleum Corporation (API.V) announced that on December 19, 2012, APIC obtained a final court order from the Royal Court of Jersey, Channel Islands, with respect to a proposed scheme of arrangement between APIC and Longreach.
Trading in shares of APIC have been halted pending closing of the arrangement which is expected to occur on December 20, 2012.
Upon closing of the arrangement the whole of the undertaking, property and liabilities of APIC will be transferred to Longreach, with Longreach being the surviving legal entity and APIC dissolving and de-listing from the TSX Venture Exchange.
LOI shares last traded at $0.68 while API shares last traded at $0.10.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
