In November 2019, Baron Oil entered into a non-binding sale and purchase agreement with SundaGas in which Baron will acquire the entire issued share capital of SundaGas. It is expected that should the transaction proceed, the AIM admission document will be published during 1Q 2020. SundaGas will be issued two new ordinary shares in Baron for each currently share. Following the transaction, current SundaGas owners will hold 66.7% of the shares with Baron shareholders holding 33.3%. Baron will change its name to SundaGas PLC.
Baron and SundaGas agreed to cancel the deal in January 2020 due to uncertainties around potential capital requirements of the combined group.