Santos Limited (Santos) is pleased to announce that the merger of Santos and Oil Search Limited (Oil Search) has been completed today through a scheme of arrangement (Scheme). As a result, Santos has acquired 100% of Oil Search’s issued capital from Oil Search shareholders.
According to the Scheme’s terms, eligible Oil Search shareholders have been issued the Scheme consideration of 0.6275 new Santos shares for each Oil Search share held on the Scheme record date, which is Tuesday 14 December 2021 at 7:00 pm (Sydney time) / 6:00 pm (Port Moresby time). Trading in these new Santos shares began on a deferred settlement basis on Monday, December 13, 2021, and is expected to resume on a normal settlement basis on Monday, December 20, 2021.
Furthermore, Santos has issued the new Santos shares that would have been payable to Ineligible Foreign Shareholders and Unmarketable Parcel Shareholders who had not opted to receive new Santos shares (as defined in the Scheme Booklet dated 11 November 2021 (Scheme Booklet)) to a nominee who has been appointed to sell those new Santos shares. The net proceeds of the sale will be distributed to Oil Search shareholders in accordance with the procedure outlined in the Scheme Booklet.