THE Parkmead Group run by Tom Cross moved closer to taking control of North Sea-focused Lochard Energy following a dramatic U-turn by some shareholders who had been opposed to the deal.

The erstwhile dissidents who decided to back the takeover included Haydn Gardner, who was ousted from the chief executive's job at Lochard last year. Mr Gardner's stake in Lochard is valued at around £880,000 by the proposed transaction.

The volte face helped Aberdeen-based Parkmead win backing from the required majority of shareholders for the £15 million takeover, which Mr Cross has said is the biggest move by the company to date.

The change of heart by Mr Gardner and two other shareholders came after they agreed a deal to acquire a 5% interest in three North Sea exploration licences Lochard has an interest in for a nominal value.

The shareholders acquired the 5% interest from Aimwell Energy, which Lochard described last month as its technical partner and exploration consultant.

Lochard told investors: "Lochard Energy maintains its existing (50%) interest in these licences and neither Lochard Energy nor Parkmead have been involved in the Aimwell Transaction in any way."

Lochard added that its board had agreed to a request from Aimwell that the company waive its contractual right to make an offer in relation to the proposed disposal by Aimwell.

The results of two ballots of Lochard shareholders at meetings yesterday cleared the way for Parkmead to complete the takeover of Lochard Energy, subject to court approval. The takeover was recommended by Lochard's board.

Parkmead offered 0.385 of a share in the Aim-listed company for every one held in Lochard.

Lochard Energy's Aim listing is expected to be cancelled on 26 July.

The planned takeover could provide a big boost to Mr Cross's ambitions to create another big North Sea business at Parkmead Group.

The oil and gas entrepreneur made £57m when the Dana Petroleum business he built was bought by Korea National Oil Corporation for £1.9 billion in 2010.

Parkmead has completed a series of acquisitions in the North Sea since Mr Cross took charge late in 2010.

Lochard owns a 10% stake in the producing Athena field. Parkmead could use the cash generated from this to fund exploration and development work.

The attempt to buy Lochard faced complications after a group of rebel shareholders in the target said Parkmead's all-share offer "materially" undervalued the company.

Last month Cornhill Capital told investors it spoke for shareholders who controlled 25.19% of the shares in Lochard in total and who intended to reject the offer for the company by Parkmead Group.

The investors opposed to the bid included Mr Gardner, who was ousted from the Lochard board in March last year. The fund manager Henderson said it had lost confidence in Mr Gardner's ability to lead the exploration and production business.

Yesterday Lochard said members of the Cornhill Consortium that hold 52,968,479 Lochard Energy Shares, or approximately 17.72% of Lochard Energy's existing issued share capital, had formally notified its board they intended to vote for the offer from Parkmead.

Lochard said these shareholders included Haydn Gardner's Gardner Marketing PTY, which has 17,528,421 Lochard Energy Shares, 5.86% of the total.

With Parkmead shares trading at around 13p each, the offer values Mr Gardner's holding at about £877.000.

Companies House records show Hertfordshire-registered Aimwell is owned by a geophysicist, Robert Frost, and a geologist, Michael Rose.

In the scheme document posted to shareholders last month Lochard describes Aimwell as technical partner and exploration consultant

Lochard said 76 shareholders who control 94.26% of the shares voted by value voted in favour of the scheme of arrangement proposed for the takeover at a court meeting yesterday.

Shareholders controlling 94.85% in total of the shares voted on a special resolution regarding the takeover at a general meeting were in favour.