Lochard owners agree to buyout

Parkmead’s takeover of North Sea driller Lochard Energy won the approval of shareholders yesterday.

Some of Lochard’s investors had threatened to scupper the £14.5 million all-share deal on valuation grounds but in the event more than 94 per cent voted to accept the offer.

Lochard’s board gave its blessing to the approach despite the offer being priced below the company’s market value at the time it was made.

Parkmead chief executive Tom Cross, who is building up the company through a series of tactical acquisitions, has hailed the Lochard buyout as the firm’s most important deal to date. It will vastly increase Parkmead’s revenue stream thanks to Lochard’s 10 per cent stake in the productive Athena field.