Roc Oil’s Undemocratic Ways

Roc Oil recently announced a ‘merger of equals’ with Horizon Oil. Horizon shareholders will receive Roc shares in exchange for tipping their assets into the combined group. Horizon’s existing shareholders will control 58% of the combined entity while Roc shareholders get 42%. Maybe the deal makes sense, maybe it doesn’t. I’m not following closely enough to hold an opinion. Roc’s chairman Mike Harding certainly seems excited. In an official ASX release he referred to the merger as a ‘cracking deal’. But not everyone agrees, including long standing and long suffering 20% shareholder Allan Gray Limited, a large and well-respected...

Roc Oil recently announced a ‘merger of equals’ with Horizon Oil. Horizon shareholders will receive Roc shares in exchange for tipping their assets into the combined group.

Horizon’s existing shareholders will control 58% of the combined entity while Roc shareholders get 42%. Maybe the deal makes sense, maybe it doesn’t. I’m not following closely enough to hold an opinion.

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