zoom The High Court of Justice in England and Wales has today sanctioned the scheme of arrangement between the Royal Dutch Shell and BG Group, the two companies confirmed.It is expected that the effective date of the scheme will be Monday 15 February 2016, which is when the court order is expected to be delivered to the registrar of companies.Trading in BG Shares on the London Stock Exchange’s main market for listed securities will be suspended with effect from 6.00 p.m., 12 February 2016.The announcement comes in the wake of Royal Dutch Shell’s decision on cancelling the USD 14.4 billion bridge credit facility which was supposed to be used for its acquisition of BG Group. According to Shell, the acquisition will be financed from its own cash.The USD 52 billion merger will create the world’s largest LNG producer.Shell believes that, by around 2020, the combined group will have two strategic growth businesses – deep water and integrated gas – that could potentially each generate $15-$20 billion of cash flow from operations per annum.
The agreement on Border Demarcation Reconnaissance was made at a Monday meeting of the Tactical Coordination Working Group in Atambua, West Timor. Dates for the survey are expected to be finalized within a few days. The working group, which includes representatives from UNTAET’s Peacekeeping Force (PKF) and Indonesian Armed Forces (TNI), also discussed the establishment of a new Border Control Service post and ways to improve the repatriation of East Timorese refugees currently living in camps across the border. In December, UN and Indonesian delegations had agreed at a special technical meeting on border demarcation in Jakarta that a reconnaissance of the border should be undertaken in February. The reconnaissance survey will study the riverbanks, river islands, customary usage and technical issues, followed by a number of technical steps prior to the resolution of the location of the borderline. Meanwhile, East Timor’s Constituent Assembly today pushed to 16 March the final vote and signing ceremony for the territory’s first constitution. After an hour-long debate on how much time was needed for a nationwide public review of the draft constitution, members voted overwhelming for the one-week delay – 62 in favour, 2 against, 4 abstentions, with 20 absent. An initial proposal for a two-week delay was rejected by majority party FRETILIN over concerns that it would interfere with the 15 March to 12 April presidential election campaign. Minority parties UDT and PSD argued that more time was needed for the public review process.