TMK completes Gurvantes XXXV acquisition from Talon Energy

The news: TMK has consolidated 100% ownership of the Gurvantes XXXV coal seam gas project, the spinoff the next step in acquiring its joint venture partner Talon Energy.

The numbers: The consideration to buy Talon's 33% stake in Gurvantes included 1,092,000,000 fully paid shares and 546,000,000 listed options (ASX:TMKOB) issued to Talon, which paid $600,000 on settlement plus an ancillary cash payment of $150,000.

The context: The spinout of Gurvantes is the next step in TMK's proposal to buyout Talon Energy in a scrip deal worth $133 million. Shareholders voted the deal through with the board's blessing on Thursday. Talon shares will be suspended from trading after market close on 14 December.

What they said: "We welcome Talon and in the near future, its shareholders, who will continue to be a part of our Project and our Company via the in-specie distribution of the Consideration Securities that Talon will undertake, in what is a very exciting period for the Company," TMK Chief executive Brendan Stats said in a statement.