Aussie federal court approves Strike-Talon deal

Talon Energy on December 13 announced that the Federal Court of Australia has approved the scheme of arrangement between the company and its shareholders, under which Strike Energy will acquire all the shares in Talon.  

Strike has offered Talon shareholders 0.4828 new Strike shares for each Talon share held. Talon intends to lodge an office copy of the court orders with the Australian Securities and Investments Commission on December 14, at which time the scheme will become legally effective. If this occurs, Talon shares will be suspended from trading on Australian Securities Exchange at close of trading on December 14.

Sydney-listed Talon on August 14 entered into a binding scheme implementation deed with its joint venture partner Strike under which Strike will acquire all the issued shares in Talon.

Strike holds a 55% interest in the Walyering project in the Australian Perth basin and Talon owns the remaining 45%. Additionally, Talon has a 33% stake in the Gurvantes coalbed methane project in Mongolia.