Greenland Energy Company (NASDAQ: GLND) has announced a recommended all-share acquisition of 80 Mile plc (AIM: 80M). The transaction, agreed upon on November 12, 2026, is intended to consolidate 100% ownership of the Jameson Land Basin licenses in Greenland into a single Nasdaq-listed entity.
Under the proposed terms, 80 Mile shareholders will receive 0.0079485 newly issued shares of Greenland Energy common stock for each 80 Mile share held. Based on Greenland Energy’s closing share price of $2.14 on November 11, 2026, and an exchange rate of US$1.33 to £1.00, each 80 Mile share is valued at 1.28 pence. The deal values 80 Mile’s entire issued and to be issued share capital at approximately £74 million on a fully diluted basis. This represents a premium of approximately 71% to the closing price of 80 Mile shares on September 7, 2026.
Following completion, Greenland Energy shareholders will own approximately 50% of the combined company, while 80 Mile shareholders will own the remaining 50%. The transaction is structured as a scheme of arrangement under Part 26 of the UK Companies Act and is governed by the UK City Code on Takeovers and Mergers.
Both boards have unanimously approved the Combination and intend to recommend approval from their respective shareholders. Directors on both boards holding shares have irrevocably undertaken to vote in favor of the deal. In connection with the transaction, 80 Mile has executed a convertible loan agreement for a £3 million unsecured loan to provide interim funding.
The boards stated that Greenland Energy’s stronger financial position, including USD 37.4 million in cash and cash equivalents as of June 30, 2026, will provide the combined entity with better access to financing and working capital. The merger aims to streamline operations by reducing duplicative corporate functions and creating a single, more efficient operating model focused on the Jameson Land Basin.
