An obscure Canadian firm with links to Emaar Properties is to acquire the operations of the Dubai company Thani Emirates Petroleum, which explores for oil in North and West Africa.
The deal with Blackbird Energy is a "reverse takeover", which will give Thani a listing on Canada's TSX Venture Exchange more cheaply and with less public disclosure than required for an initial public offering on the junior exchange, which lists the shares of small and early-stage enterprises.
Blackbird is to issue shares to Thani Emirates amounting to 72.5 per cent of its authorised share capital and will pay Thani C$15 million (Dh55m) to acquire Thani Netherlands, the unit holding the African exploration acreage.
After the transaction, Thani will take control of Blackbird's board and change the name of the company to Thani Emirates Petroleum.
The deal is contingent on a number of factors. At the top of the list is completing a C$32.5m financing.
Neither Thani nor Blackbird currently pumps any oil, and both may be in need of capital. Thani is regarded as a "minnow" in the African oil and gas sector. It has exploration concessions in Tunisia, Egypt and Ghana.
Blackbird is exploring an oil prospect in Texas but had a setback last year when its exploration well was damaged.
Blackbird's chairman is Robert Booth, the Canadian property executive in charge of the North American portfolio of Emaar, the developer that built the landmark Burj Khalifa.
Thani Emirates is a unit of the Thani Group, a family-owned holding company whose interests include oil and gas, mining and property.
tcarlisle@thenational.ae
Going grey? A stylist's advice
If you’re going to go grey, a great style, well-cared for hair (in a sleek, classy style, like a bob), and a young spirit and attitude go a long way, says Maria Dowling, founder of the Maria Dowling Salon in Dubai.
It’s easier to go grey from a lighter colour, so you may want to do that first. And this is the time to try a shorter style, she advises. Then a stylist can introduce highlights, start lightening up the roots, and let it fade out. Once it’s entirely grey, a purple shampoo will prevent yellowing.
“Get professional help – there’s no other way to go around it,” she says. “And don’t just let it grow out because that looks really bad. Put effort into it: properly condition, straighten, get regular trims, make sure it’s glossy.”
Company%20Profile
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TICKETS
Tickets start at Dh100 for adults, while children can enter free on the opening day. For more information, visit www.mubadalawtc.com.
Moonfall
Director: Rolan Emmerich
Stars: Patrick Wilson, Halle Berry
Rating: 3/5
The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
Results:
5pm: Maiden (PA) | Dh80,000 | 1,200 metres
Winner: Jabalini, Szczepan Mazur (jockey), Younis Kalbani (trainer)
5.30pm: UAE Arabian Derby (PA) | Prestige | Dh150,000 | 2,200m
Winner: Octave, Gerald Avranche, Abdallah Al Hammadi
6pm: Arabian Triple Crown Round 3 (PA) | Group 3 Dh300,000 | 2,200m
Winner: Harrab, Richard Mullen, Mohamed Ali
6.30pm: Emirates Championship (PA) | Group 1 | Dh1million | 2,200m
Winner: BF Mughader, Szczepan Mazur, Younis Al Kalbani
7pm: Abu Dhabi Championship (TB) | Group 3 | Dh380,000 | 2,200m
Winner: GM Hopkins, Patrick Cosgrave, Jaber Ramadhan
7.30pm: Wathba Stallions Cup (PA) | Conditions | Dh70,000 | 1,600m
Winner: AF La’Asae, Tadhg O’Shea, Ernst Oertel
UAE currency: the story behind the money in your pockets
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Take Me Apart
Kelela
(Warp)
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE%20SQUAD
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Get inspired
Here are a couple of Valentine’s Day food products that may or may not go the distance (but have got the internet talking anyway).
Sourdough sentiments: Marks & Spencer in the United Kingdom has introduced a slow-baked sourdough loaf dusted with flour to spell out I (heart) you, at £2 (Dh9.5). While it’s not available in the UAE, there’s nothing to stop you taking the idea and creating your own message of love, stencilled on breakfast-inbed toast.
Crisps playing cupid: Crisp company Tyrells has added a spicy addition to its range for Valentine’s Day. The brand describes the new honey and chilli flavour on Twitter as: “A tenderly bracing duo of the tantalising tingle of chilli with sweet and sticky honey. A helping hand to get your heart racing.” Again, not on sale here, but if you’re tempted you could certainly fashion your own flavour mix (spicy Cheetos and caramel popcorn, anyone?).
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