On 28 May 2012, the boards of Parkmead and DEO reported that they had reached agreement on the terms of a recommended acquisition of the entire issued and to be issued ordinary share capital of DEO by Parkmead (the "Acquisition").

It is intended that the Acquisition will be implemented by way of a Court sanctioned Scheme of Arrangement under Part 26 of the Companies Act 2006 (the "Scheme" or "Offer").

The Acquisition involves a reduction of capital of DEO under section 641 of the Companies Act 2006. The Scheme Circular, containing the terms and conditions of the Scheme, was posted to DEO Shareholders of 25 June 2012 and the Scheme was approved by the requisite majority of the holders of Scheme Shares on 18 July 2012.

Tags: DEO Petroleum