Island Oil & Gas shareholders will be entitled to receive 1 New San Leon Share for every 2.3 Island Shares they hold.
The acquisition deal values the entire issued share capital of Island at £13.74 million (10.11 pence based on the closing price of a San Leon share of 23.25 pence on 24 February 2010. The offer price represents a premium of about 65% to the closing price of 6.125
