Sintana Energy (LSE:SEI) has issued further clarification to address additional disclosure requests from the TSX Venture Exchange under Multilateral Instrument 61-101, relating to its acquisition of Challenger Energy Group via a scheme of arrangement that became effective on 16 December 2025.
The company reiterated that the transaction was conducted on an arm’s-length basis and qualified for exemptions from MI 61-101 requirements for a formal valuation and minority shareholder approval. Sintana explained that Challenger was not a related party, while the involvement of chief executive Robert Bose — a related party holding less than 10% of the shares in each company — remained below the 25% market capitalisation threshold that would otherwise have triggered additional protections.
As part of the disclosure, Sintana outlined Bose’s shareholdings before and after the transaction, confirming that he formally declared his interest and abstained from the board’s decision-making process. The company also noted that an independent special committee oversaw the transaction, obtaining an external valuation and fairness opinion before unanimously recommending the acquisition. These steps were highlighted as evidence of robust governance standards and measures designed to safeguard minority shareholders, while ensuring full regulatory compliance in connection with the Challenger deal.
More about Sintana Energy
Sintana Energy Inc. is a Canadian oil and gas company focused on the acquisition, exploration, potential development and monetisation of a diversified portfolio of high-impact hydrocarbon assets in emerging frontier regions. Its portfolio includes interests in eight licences across Namibia and Uruguay, a pending indirect interest in a licence offshore Angola, and legacy assets in Colombia and The Bahamas, providing exposure to multiple basins, operators, regulatory frameworks and geopolitical environments.
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