80 Mile, Greenland Energy agree all-share combination for Greenland project
A proposed merger in the Greenland-focused energy sector is set to combine the Jameson Land Basin interests of 80 Mile and Greenland Energy under a single listed company. The all-share deal values 80 Mile at about £74 million on a fully diluted basis and includes interim funding to support operations before completion.
Highlights
- Greenland Energy and 80 Mile plc agreed on an all-share combination with 80 Mile valued at about £74 million and shareholders receiving 0.0079485 Greenland Energy shares per 80 Mile share.
- 80 Mile shareholders will own about 50% of the combined company, with directors unanimously recommending the deal and SP Angel acting as adviser.
- Greenland Energy will offer 80 Mile a £3 million convertible loan to fund operations until completion, with the merger expected effective in H1 2027 pending all approvals.
Deal structure and shareholder terms
As reported by the London Stock Exchange, the boards of Greenland Energy Company and 80 Mile plc have agreed the terms of a recommended all-share combination to be carried out through a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act.Under the agreed terms, 80 Mile shareholders will receive 0.0079485 new Greenland Energy shares for each 80 Mile share. Based on Greenland Energy's closing share price of $2.14 on 11 November 2026, the offer values each 80 Mile share at 1.28 pence and values the company's entire issued share capital at about £74 million on a fully diluted basis.
The companies say the structure would leave 80 Mile shareholders owning about 50% of the combined company. The Independent 80 Mile Directors, advised by SP Angel, unanimously recommend that shareholders vote in favour of the scheme.
Funding support and sector implications
The combination is intended to consolidate the companies' respective interests in the Jameson Land Basin project in Greenland while using Greenland Energy's stronger financial position to support the continued development of 80 Mile's operations.Greenland Energy has also agreed to provide 80 Mile with a £3 million convertible loan to help fund operations until the transaction is completed. The deal is expected to become effective in the first half of 2027, subject to conditions including shareholder approvals and regulatory clearances in Greenland and Italy.
The planned merger reflects continuing capital demands in the energy sector and the need for better-funded operators to advance resource projects. The companies present the expected financial and operational synergies as a step aimed at improving development capacity and positioning the combined business for market opportunities in Greenland.
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