US stock futures steady after Wall St soars on dovish Powell; Nvidia earnings due
JERSEY - Xtellus Capital Partners (WA:CPAP), Inc. ("Xtellus") has confirmed that all conditions for its acquisition of Serinus Energy plc ("Serinus") have been met or waived, except those that can only be satisfied upon or after the court’s sanction of the scheme. The acquisition is set to be finalized following a court hearing scheduled for May 15, 2025, with an expected effective date of May 19, 2025.
On March 24, 2025, the boards of both Serinus and Xtellus agreed upon a cash offer by Xtellus to acquire the entire issued and to be issued share capital of Serinus for 3.4 pence per share. The proposed transaction is to be completed through a scheme of arrangement under Article 125 of the Companies (Jersey) Law 1991 (as amended).
The acquisition received the approval of Serinus shareholders at meetings held on May 1, 2025, where they voted in favor of the scheme at the Court Meeting and the Special Resolution for the scheme’s implementation at the General Meeting.
Xtellus has now satisfied or waived all conditions to the acquisition as outlined in the Scheme Document sent to Serinus shareholders on April 7, 2025. The transaction remains subject to the sanction by the Royal Court of Jersey at the upcoming Court Sanction Hearing.
This transaction represents a significant development for both companies, with Xtellus poised to expand its portfolio through the acquisition of Serinus, an international oil company with a diversified portfolio of assets.
The financial advisors for Xtellus are H&P Advisory Ltd, while Serinus is advised by Shore Capital. Legal advisors include Bird & Bird LLP and McCarthy Tétrault for Xtellus, and Mourant Ozannes (Jersey) LLP and T. Studnicki, K. Płeszka, Z. Ćwiąkalski, J. Górski sp.k. for Serinus.
The announcement is based on a press release statement and contains information considered to be inside information under the Market Abuse Regulations. The release of this information into the public domain is in accordance with regulatory requirements and is intended for informational purposes only, not constituting an offer or a solicitation of an offer to purchase securities. The acquisition process follows the regulations set by the City Code on Takeovers and Mergers, and is subject to the laws and restrictions of the jurisdictions involved.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.