Shares Trading at Yearly High After Takeover Approved by Shareholders

Monday’s announcement that shareholders approved an acquisition has shares trading at yearly highs.

i3 Energy PLC (ITE) is an oil and gas company with a low-cost, diversified, growing production base in Canada's most prolific hydrocarbon region, the Western Canadian Sedimentary Basin and appraisal assets in the North Sea with significant upside. The firm is dedicated to responsible corporate practices and the environment and highly values adhering to strong Environmental, Social and Governance practices. i3 Energy is committed to maintaining an ESG strategy, which has broader implications for long-term value creation, as these benefits extend beyond regulatory requirements.

A press release on Monday announced that shareholders overwhelmingly approved Gran Tierra Energy Inc.'s proposed acquisition sending shares higher. The acquisition will be finalized through a court-sanctioned scheme of arrangement. 

The approval included a special resolution to amend i3 the firm’s articles of association. Shareholders are also set to receive an acquisition dividend of 0.2565 pence per share. Subject to court sanction and satisfaction of remaining conditions, the acquisition process is expected to be completed by the end of October 2024.

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