AIM News: Valiant 'close to acquiring Sagex'

Exploration and production company Valiant Petroleum (VPP) has revealed that it has received shareholder approval to acquire Sagex Petroleum.

The AIM-listed firm required two thirds of voting shares, and said that following the close of the offer on June 10, it had received around 94% of shareholder acceptances.

The £7.1 million deal is going ahead after the two companies worked together to obtain all the required corporate, third-party and regulatory consents, Valiant said.

Because of this, Valiant is confident that everything will be completed before 32 August, the long-stop date.

A Sagex interim board of directors has been elected before completion, which includes representatives of two of Sagex's major shareholders and Sandy Shaw, an executive director of Valiant.

Chief executive Peter Buchanan said: "We would like to take this opportunity to thank the outgoing Sagex board of directors for their hard work over the past few months, which has made Valiant's offer for Sagex possible."