Greenland Energy Company (GLND) announced it has agreed on indicative terms for a proposed all-share merger to acquire 80 Mile plc, a London-listed exploration company. The transaction aims to consolidate 100% ownership of their existing joint venture in Greenland's Jameson Land Basin project into a single, Nasdaq-listed entity, combining 80 Mile's asset portfolio with Greenland Energy's access to U.S. capital markets.
Key Details
- Transaction Value: The proposed deal values 80 Mile plc's issued share capital at approximately £61.48 million, or 1.1p per share. This represents a 42.86% premium to 80 Mile's closing price on September 3, 2026.
- Terms: Under the proposed terms, 80 Mile shareholders would receive 0.01108 new Greenland Energy shares for each 80 Mile share they hold.
- Status & Timeline: This is an announcement of a possible offer, not a firm intention to make an offer. The transaction is subject to several pre-conditions, including confirmatory due diligence. Per U.K. regulations, Greenland Energy must announce a firm intention to make an offer or state that it does not intend to do so by 5:00 p.m. on October 6, 2026.