80 Mile Agrees Indicative £61.5m Takeover at 46.7% Premium
80 Mile PLC (AIM: 80M) has agreed indicative terms for a £61.5 million all-share takeover by Nasdaq-listed Greenland Energy Company, valuing each 80 Mile share at approximately 1.1p.
- Indicative all-share merger values 80 Mile at approximately £61.48 million
- Implied value of approximately 1.1p per 80 Mile share
- 46.67% premium to 80 Mile’s 7 September closing price
- 80 Mile shareholders would receive 0.01108 Greenland Energy shares for each share held
- Combination would consolidate 100% of the Jameson Land Basin licences
- Greenland Energy had $37.4 million in cash at the end of June
- Greenland Energy already owns 4.42% of 80 Mile
- Firm-offer deadline currently set for 6 October 2026
- Transaction remains conditional and there is no certainty a formal offer will be made
The proposed valuation represents a 46.7% premium to 80 Mile’s closing price immediately before the offer period began.
Under the terms being discussed, 80 Mile shareholders would receive 0.01108 Greenland Energy shares for every 80 Mile share held.
The implied 1.1p valuation also represents a 42.9% premium to 80 Mile’s closing price on 3 September, before the indicative terms were agreed, and a 64.2% premium to the price of the company’s July placing.
The proposed combination would consolidate the two companies’ interests in Greenland’s Jameson Land Basin into a single Nasdaq-listed vehicle.
It would also bring 80 Mile’s wider portfolio of critical-minerals and industrial-gas assets into the enlarged group, creating a more diversified energy and resources company with access to US capital markets.
Greenland Energy raised approximately US$70 million in April 2026 and reported cash of US$37.4 million at the end of June, giving the proposed combined business a stronger financial position from which to advance its development portfolio.
The US-listed company has also already built a meaningful position in 80 Mile, acquiring 246.8 million shares between 25 August and 3 September.
That stake represents approximately 4.42% of 80 Mile’s existing issued share capital.
The companies said the proposed merger could improve access to capital while reducing duplicated corporate functions and regional infrastructure costs.
By combining the businesses within a single listed structure, management believes more resources could be directed towards advancing the underlying assets rather than supporting overlapping corporate structures.
The proposal remains at an indicative stage and does not yet constitute a firm offer.
Completion would remain subject to due diligence, board approvals and other pre-conditions before Greenland Energy formally commits to the transaction.
