The Company notes the announcement today by the Board of Sound Energy plc (“Sound”) of a possible offer for the Company.
The Board of Angus has invited Sound to execute an NDA along with the other interested parties already referred to in our announcement of 17 January in order that they may have access to all information required to engage in proper due diligence on an equal footing with those other parties.
George Lucan, CEO, commented:
“We will proceed with our Formal Sales Process, without preference to any party and with confidentiality afforded to those parties who wish to enjoy it, as previously advised to the market and in order to secure the maximum value for our shareholders.”
Formal Sale Process (“FSP”)
Any interested party will be required to enter into a non-disclosure agreement with the Company on terms satisfactory to the Board. The Company then intends to provide such interested parties with certain information on the business, following which interested parties will be invited to submit their proposals to Beaumont Cornish Limited.
Further announcements regarding timings and procedures for the FSP will be made as appropriate.
The Board reserves the right to alter any aspect of the process or to terminate it at any time and will make further announcements as appropriate.
The Board also reserves the right to reject any approach or terminate discussions with any interested party or participant at any time.
The Takeover Panel has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Takeover Code such that any interested party participating in the formal sale process will not be required to be publicly identified as a result of this announcement (subject to Note 3 to Rule 2.2 of the Takeover Code) and will not be subject to the 28 day deadline referred to in Rule 2.6(a), for so long as it is participating in the formal sale process. Interested parties should note Rule 21.2 of the Takeover Code, which will prohibit any form of inducement fee or other offer-related arrangement, and that the Company, although it may do so in the future, has not at this stage requested any dispensation from this prohibition under Note 2 of Rule 21.2. Following this announcement, the Company is now considered to be in an “offer period” as defined in the Takeover Code, and the dealing disclosure requirements summarised below will apply.
This announcement is not an announcement of a firm intention by any party to make an offer under Rule 2.7 of the Takeover Code and there can be no certainty that an offer will be made, nor as to the terms on which any offer will be made.
Angus Energy Plc
Tel: +44 (0) 208 899 6380
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