11.02.2011
The Board of Directors of Regal Petroleum plc advises the company shareholders to accept new Offer of Energees Management Limited (100% subsidiary of Energees Investments Limited, main holding company of the Group of companies Smart Holding) regarding partial redemption of shares as the best and only available option for them.
The Board of Directors ofRegal Petroleum considers that Energees Management’s Offer is more advantageous than reverse takeover scheme suggested by Heamoor Limited and Geo-Alliance.
According to a new Offer of the Group of companies Smart Holding regarding purchase of a part of shares of the British oil and gas company Regal Petroleum published on February 6, 2011, Energees Management is ready to buy out 70% of Regal Petroleum shares (224 446 485 shares) at £0.38 per share. Total amount of the Offer is valued at £85.3 mln. for above number of shares or £121.8 mln. based on total capital of the company.
Offered new price for redemption of Regal Petroleum shares includes:
Currently, Energees Management disposes of the liabilities of existing shareholders of Regal Petroleum for sale of 14.54% of the company shares. According to the conditions of new Offer, it is open for approval by the shareholders of Regal Petroleum by 1:00 p.m. (London time) on February 20, 2011.
- 204% premium to closing price in £0.125 per share of Regal Petroleum on November 24, 2010 (last business day prior to Offer period);
- 147% premium to closing price in £0.154 per share of Regal Petroleum during the month prior to Offer period;
- 58% premium to price of the previous Energees Management’s Offer in £0.24 per share of Regal Petroleum.
Currently, Energees Management disposes of the liabilities of existing shareholders of Regal Petroleum for sale of 14.54% of the company shares. According to the conditions of new Offer, it is open for approval by the shareholders of Regal Petroleum by 1:00 p.m. (London time) on February 20, 2011.