80 Mile Secures Nod to Extend Greenland Energy Takeover Deadline; Merger Terms Revised

12:15 AM EST, 11/04/2026 (MT Newswires) -- 80 Mile (80M.L) secured the takeover panel's consent to extend the deadline for Greenland Energy to make an offer or say it does not intend to make one. As such, the put-up-or-shut-up deadline for the proposed all-share acquisition has been extended to Nov. 10 from Tuesday, according to a same-day filing. Terms of the proposed deal were also revised, with Greenland no longer planning to issue warrants to its existing shareholders in the transaction. Consequently, the exchange ratio now stands at 0.0079485 new Greenland Energy shares for each 80 Mile share, valuing the latter's existing issued share capital at 92 million pounds sterling, or an implied share price of 0.01596 pound. The previous exchange ratio was 0.01108 new Greenland Energy shares per 80 Mile share. 80 Mile added that Greenland intends to provide a 3 million-pound unsecured convertible loan note, with a 12-month term, when it announces a firm offer, subject to the takeover panel's consent.