Mosaic Oil N.L. says that the Federal Court of Australia has issued orders approving the Scheme of Arrangement between Mosaic and its shareholders pursuant to which AGL Energy Limited will acquire all of the shares in Mosaic.

Mosaic has requested a suspension from quotation of its securities, which if granted by the ASX, will result in the suspension of trading in Mosaic shares from the close of trading today.

The Scheme is scheduled to be implemented (and the Scheme Consideration is scheduled to be despatched to Mosaic Shareholders) on Wednesday, 20 October 2010. The entitlements to the Scheme Consideration under the Scheme will be determined at 7.00pm on Monday, 18 October 2010.

The Court orders were made following the overwhelming support of Mosaic shareholders who voted in favour of the Scheme at the Scheme Meeting held on 7 October 2010.

Tags: Mosaic Oil