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Falkland Oil shareholders face tighter deadline to decide on Rockhopper takeover

Reuters - UK Focus

LONDON, Dec 23 (Reuters) - Falkland-based shareholders of oil explorer Falkland Oil and Gas (Other OTC: FLKOF - news) have only days to review a takeover offer from Rockhopper and vote on it due to transport problems delaying the delivery of legal papers to the remote islands.

Shareholders who reside on the Falkland Islands (LSE: FKL.L - news) , the south Atlantic islands located 500 kilometres off the south American coast, will receive documents on Dec. 26, only days before a deadline for submitting votes on the all-share takeover offer that values the company at $85 million.

"There has been a delay in the documentation reaching the Falkland Islands," the AIM-listed company said in a statement.

The documents were sent on Dec. 11, but due to weight restrictions they were held up in Chile, a spokesman said.

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Shareholders voting by proxy, because they cannot attend the general meeting in person, face a Dec. 31 deadline to submit votes to lawyers based in the Falkland Islands.

The shareholder meeting will take place on Jan. 5 in London.

The oil and gas exploration company has come under pressure from the steep drop in oil prices and an unsuccessful well drilled at Humpback in the Falklands, a British overseas territory, in late October.

As part of the takeover, FOGL shareholders will own around 35 percent of the enlarged Rockhopper company. ($1 = 0.6734 pounds) (Reporting by Karolin Schaps, editing by Louise Heavens)