Greenland Energy Company, the Nasdaq-listed acquirer, has put forward indicative terms to acquire 80 Mile plc, the AIM-listed target, in an all-share transaction. The proposal values 80 Mile's existing issued share capital at £61.48 million and is governed by Rule 2.4 of the City Code on Takeovers and Mergers. It is not a firm offer.
Under the terms, 80 Mile shareholders would receive 0.01108 newly issued Greenland Energy shares for each 80 Mile ordinary share. The implied value is about 1.1p per 80 Mile share, based on Greenland Energy's closing price of $1.37 on September 4, 2026, and an exchange rate of $1.35 to £1.00.
The proposed price represents a 42.86% premium to 80 Mile's mid-market price on September 3, 2026, a 46.67% premium to the closing price on September 7, 2026, and a 64.18% premium to the July 2026 placement price.
Between August 25 and September 3, 2026, Greenland Energy purchased 246,765,352 80 Mile shares, equal to 4.42% of the issued share capital, at prices between 0.53p and 0.82p. Code rules require any offer to be at least 0.82p per share.
The companies are existing joint venture partners in the Jameson Land Basin project in Greenland. Greenland Energy reported about $37.4 million in cash and cash equivalents as of June 30, 2026, and said it intends to issue warrants to existing shareholders after completion, which 80 Mile shareholders would not receive.
Greenland Energy must announce a firm intention to make an offer, or withdraw, by 5:00 p.m. on October 6, 2026. The transaction remains subject to completion of due diligence, a unanimous recommendation by 80 Mile's independent directors, and formal approval by Greenland Energy's disinterested directors.
