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Deo shareholders approve Parkmead takeover
Posted 19.07.2012 12:21:03 av John Bradbury
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Shareholders of North Sea developer Deo Petroleum have voted to approved a takeover deal by The Parkmead Group.

Deo said today that the deal – which is to be completed by a Scheme of Arrangement provided under part 26 of the UK 2006 Companies Act – has been approved by a court meeting and a general meeting.

Approval for the move was given by up to 99.96% of Deo's shareholders, and the deal is due to be completed

It remains for the scheme to approved by a Court and a court hearing for that approval is due to be held on 8 August 2012. and the scheme is expected to become effective on 9 August 2012.

Deo's North Sea asset portfolio includes redevelopment of the Perth field which it plans to exploit again with the Lewek Victory, supplied by EMAS Offshore which is to be converted to an FPSO, with a target first oil date in mid 2014.
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