Pelidona Services Limited (Cyprus), which is part of Smart-Holding Group, has increased its shareholding in Regal Petroleum plc, a public company whose shares are listed on the London Stock Exchange Alternative Investment Market (LSE AIM), from 54% to 82.65%.
A package of 91,868,182 shares was acquired from a major shareholder of Regal Petroleum plc, KYLESTONE LIMITED, as part of the business development strategy for Smart-Holding's hydrocarbon production business. Pelidona Services Limited does not intend to continue further purchase of shares on the market.
The results of the deal will not have any impact on Regal Petroleum’s corporate governance and its status as a public company. No changes in the board of directors are planned. Regal is showing good performance and will continue to be the backbone of Smart Holding`s gas production business. Its development strategy envisages both organic business growth by increasing production at existing deposits and the acquisition of new assets. Maximization of total income of all the business’s shareholders should result from the implementation of this strategy.
Smart-Holding is confident that deeper integration with public platforms for placement of shares is a tool for increasing capitalization. It will give the gas production business greater stability and will open additional opportunities for mutually beneficial cooperation with new institutional investors.
Since 2011, Smart-Holding has been developing projects in the sphere of oil and gas production, as well as alternative energy, as part of a strategy aimed at diversifying its investment portfolio. In 2012, these projects were merged into a new, promising business area Smart Energy.
The oil and gas business block of Smart-Holding is represented by Regal Petroleum, a public British company with assets in Ukraine, as well as by a Ukrainian company Ukrgazvydobuk.
Pelidona Services Limited (Cyprus) is the parent company for enterprises engaged in gas production in Smart-Holding.
100% of Pelidona Services Limited is owned by Lovitia Investments Limited (Cyprus), which, in turn, is 100% owned by Vadym Novynskyi.