Investors back Pan Andean sale
SHAREHOLDERS in Dublin-based mining minnow Pan Andean Resources voted overwhelmingly to allow the company be sold to much bigger Colombia-based Petrominerales after 15 years on London's AIM market.
The move means another Irish company is set to join the long list of companies to delist their shares in recent years.
Pan Andean was set up by entrepreneur John Teeling in 1988 to explore for oil and gas in South and Latin America and was one of the first Irish companies listed on the AIM when the alternative market opened for trading in September 1995.
Trading in Pan Andean shares will cease on April 12 and the company will be delisted on April 14.
Pan Andean shares have risen 90pc so far this year, giving the company a market value of €19.8m, while shares in Petrominerales surged 202pc to give the company a value of €2.25bn.
The deal includes the demerger of Pan Andean's non-Colombian and non-Peruvian assets in Bolivia and the US to a new unlisted company Hydrocarbon Exploration, a company Mr Teeling plans to list.
Pan Andean shareholders will receive 15 pence per share in cash for each share they hold and a one-for-one share in Hydrocarbon Exploration.