Touchstone acquisition of Trinity clears a regulatory hurdle

(Sharecast News) - Trinity Exploration and Touchstone Exploration updated the market on Friday, on the regulatory conditions for the recommended all-share acquisition of Trinity by Touchstone. The acquisition was taking place through a court-sanctioned scheme of arrangement under the Companies Act.

On 1 May, the boards of both firms agreed on the terms for Touchstone's acquisition of Trinity's entire issued and to-be-issued share capital.

Trinity subsequently published a shareholder circular regarding the scheme on 24 May.

The two companies announced on Friday that the minister had since confirmed his consent was not required for the acquisition to proceed, thus satisfying part of the third condition outlined in the scheme document.

They noted that the acquisition remained still subject to a number of other conditions, including consents or waivers from Heritage, approval by the Trinidad and Tobago Commission, approval by Trinity shareholders at the court and general meetings, and the satisfaction or waiver of other conditions detailed in the scheme document.

Both companies said they would provide further updates as additional conditions were satisfied.

At 1113 BST, shares in Trinity Exploration & Production were down 0.94%, while those in Touchstone Exploration were off 0.29% at 30.16p.

Reporting by Josh White for Sharecast.com.