Gulfnav And Brooge Sign AED 3.2 Billion Acquisition Agreement
Reuters
28 May
May 28 (Reuters) - GULF NAVIGATION HOLDING :: *GULFNAV AND “BROOGE” SIGN AED 3.2 BILLION ACQUISITION AGREEMENT *GULFNAV AND BROOGE ENERGY LIMITED SIGN TO FORMALIZE SPA IN ACCORDANCE WITH ACQUISITION STRUCTURE *AGREEMENT FINALIZES GULFNAV’S ACQUISITION OF ASSETS AND SUBSIDIARIES OF BROOGEE, INCLUDING BROOGE PETROLEUM AND GAS INVESTMENT CO FZE, BROOGE PETROLEUM AND GAS INVESTMENT CO PHASE III FZE, AND BPGIC PHASE 3 LIMITED *ACQUISITION, INVOLVES SETTLEMENT STRUCTURE COMPRISING CASH, NEWLY ISSUED SHARES, AND MANDATORY CONVERTIBLE BONDS *ISSUANCE OF 358.8 MILLION NEW SHARES TO BROOGE AT AED 1.25 PER SHARE *AED 2.336 BILLION IN MCBS ISSUED TO BROOGE, CONVERTIBLE AT AED 1.25 PER SHARE *AED 500 MILLION IN MCBS EXCLUSIVELY OFFERED TO GULFNAV’S EXISTING SHAREHOLDERS AT AED 1.10 PER SHARE *A CASH COMPONENT OF AED 460 MILLION
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