Beach Energy shareholders have approved the scheme of arrangement in the proposed merger with Drillsearch.
Beach shareholders have shown strong support for the merger, with approximately 99 per cent of votes cast in favour.
Acting Beach Chief Executive Officer, Neil Gibbins, said, “The support shown by Drillsearch shareholders is further evidence of the compelling nature of this transaction.
“As we have said before, by combining two complementary organisations we expect to create the leading ASX‐listed mid‐cap oil and gas explorer and producer.”
Mr Gibbins said Beach Energy now looks forward to completing the transaction, integrating the operations and continuing to execute a strategy to achieve sustainable growth in shareholder value.
The second court hearing to approve the scheme of arrangement will be held on 18 February 2016 in the Federal Court of Australia.
Assuming all other conditions precedent to the scheme are satisfied or waived (if applicable), the issue of new shares to Drillsearch shareholders is expected to occur in early March 2016.