Golar LNG Limited has, on 3 June 2011, notified all of the remaining shareholders in Golar LNG Energy Limited that Golar LNG exercises its right under Bermuda company law to compulsorily acquire their shares.
Golar LNG offers to compensate the minority shareholders whose shares are compulsorily acquired with NOK 26.80 per share. This is equal to the price offered by Golar LNG in its voluntary offer for Golar Energy which closed end May this year. Shareholders receiving the notice do not need to accept the offer or react in any way in order to receive settlement. The acquisition will be completed by Golar LNG according to Bermuda law.
A shareholder wishing to dispute the amount of the compensation offered by Golar LNG must apply to the courts in Bermuda for an alternative evaluation of the value of a Golar Energy share within 30 days from the date of the notice. Shareholders who do not make such application to the court will receive settlement following the expiry of the 30 day period. Golar LNG expects such settlement to be completed on or about 8 July, 2011. The compensation due to each minority shareholder will be transferred to such shareholder’s bank account registered in the VPS.
Golar Energy has, on 3 June, 2011, called for a special general meeting of its shareholders on 14 June, 2011. The only issue to be dealt with is a proposal to delist its shares from the Oslo Stock Exchange.
Golar Energy expects to be delisted by the end of June, 2011.
[mappress]
Source: Golar LNG, June 3, 2011;