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Greenland Energy Company Announces Recommended All-Share Acquisition Of 80 Mile Plce

Benzinga·11/12/2026 20:49:25

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80 Mile shareholders would receive 0.0079485 newly issued shares of Greenland Energy common stock for each 80 Mile share held.
The terms value each share of 80 Mile at 1.28 pence based on the closing of Greenland Energy's share price of $2.14 on November 11, 2026 and £/US$ exchange rate of US$1.33 : £1.00, and 80 Mile's entire issued and to be issued share capital at approximately £74 million on a fully diluted basis.
This represents a premium of approximately 71% to the closing price of 80 Mile shares on September 7, 2026, the last business day before the offer period began.
On completion of the Combination, Greenland Energy shareholders will own approximately 50% of the combined company and 80 Mile shareholders will own approximately 50% of the combined company.
Greenland Energy no longer intends to issue warrants to its existing stockholders as part of the transaction.
In connection with the Combination, 80 Mile has executed a convertible loan agreement pursuant to which it has access to a £3 million unsecured loan to be made available by Greenland Energy in order to provide 80 Mile with interim funding necessary to protect business continuity.