Viaro Energy Limited reached an agreement to acquire RockRose Energy PLC (LSE:RRE) for approximately £240 million on July 6, 2020. As per the Scheme of Arrangement, all shares will be acquired for £18.5 per share in cash. The consideration will be financed by bridge term facility agreement with H.H. Shaikh Thiab Bin Khalifa Al Nehayan for £250 million and with H.H. Sheikh Zayed bin Suroor bin Mohammed Al Nahyan for £250 million. In addition, unrestricted cash balances of RockRose can be used to partly settle the consideration. Post-completion, RockRose will be de-listed and will be re-registered as a private company and will continue to operate as a standalone business group. It is expected that both the Non-Executive Directors and the Executive Chairman of RockRose will resign upon completion of transaction and Viaro Energy intends that there will be no material headcount reductions among existing employees. Viaro Energy intends to retain the current head office location. The transaction will take place by means of a Court-sanctioned scheme of arrangement and approval from majority RockRose shareholders. The Board of Directors of RockRose recommend unanimously that the shareholders vote in favor. Irrevocable undertakings to vote in favor of transaction from Shareholders holding approximately 35.3% have been received. On July 7, 2020, Boards of Directors of Viaro Energy and RockRose announce that Viaro Energy has received further shareholder support for the acquisition. Viaro Energy has received irrevocable undertakings in respect of a total of 4.856302 million RockRose shares representing approximately 36.9%. As on August 17, 2020, RockRose Energy's shareholders approved this transaction in their Court Meeting and General Meeting. The Scheme is expected to become Effective in August 2020. As of August 27, 2020, at the Court hearing, the scheme has now become fully unconditional, subject only to the delivery of a copy of the court order to the Registrar of Companies. Court Hearing is expect to be held on August 27, 2020 and effective date of the scheme is September 2, 2020. David Anderson and Charles Furness-Smith of Lambert Energy Advisory Limited acted as financial advisors for Board of Directors of RockRose Energy PLC and consider the offer as fair and reasonable. Giles Fitzpatrick, Samuel Merlin and Andrew Chubb of H&P Advisory Limited acted as financial advisors for Viaro Energy Limited. Ed Lukins, James Connor and Ian Shaw of Orrick, Herrington & Sutcliffe (Uk) Llp acted as the legal advisors for RockRose and DAC Beachcroft LLP acted as the legal advisor for Viaro Energy Limited. Link Market Services Limited acted as registrar for RockRose in the transaction.