Deltic Energy (AIM:DELT) said the North Sea Transition Authority (NSTA) has given written consent to the change of control involved in its recommended cash takeover by NEO NEXT+ Energy Upstream UK.
Deltic shareholders and Scheme Shareholders had already approved the transaction at the Court Meeting and General Meeting on 24 June.
Two conditions remain outstanding, relating to Court sanction of the scheme.
The High Court is scheduled to hold its Sanction Hearing on 13 August, with the scheme expected to become effective the following day, 14 August.
Deltic shares are due to be suspended from trading on AIM at 7:30am on 14 August, with cancellation of admission following on 17 August. Cash consideration due under the scheme is expected to be despatched within 14 days of the effective date.
News Intelligence what this means for the company
Deltic Energy has cleared a key regulatory hurdle: the North Sea Transition Authority has approved the change of control required for NEO NEXT+ Energy Upstream UK's 7.7p-per-share cash takeover. This removes one of the final conditions to completion, with the High Court sanction hearing now scheduled for 13 August and the scheme expected to become effective on 14 August. The deal, first agreed on 7 May and already approved by Deltic shareholders on 24 June, is on track for mid-August completion.
For Deltic shareholders, this is a procedural milestone confirming the deal's path to close; the economic terms (7.7p cash per share, implying £7.2m equity value) and timing remain unchanged. The removal of regulatory uncertainty eliminates a material execution risk..
Insights assembled by AI. Editor-reviewed and grounded in tickstock’s coverage and proprietary knowledge graph.
Content is for informational purposes only, not financial advice.
