Smart-Holding Group has published a recommended offer on repurchase of shares in British oil and gas company Regal Petroleum plc for cash (Offer), as well as the form of consent of Regal Petroleum plc shareholders for repurchase of shares. According to the terms of the Offer, the repurchase price is £0.24 per share. The total amount of the Offer is estimated at £77 million on the basis of the total share capital of the company.
The offer was published on behalf of Energees Management Limited - a 100% subsidiary of Energees Investments Limited, the main holding company of Smart-Holding Group.
The proposed repurchase price for shares in Regal Petroleum company contains:
92% of premium to the bidding closing price of £0.125 per share in Regal Petroleum on 24 November 2010 (the last business day before the start of the Offer Period);
30% of premium to the bidding closing price of £0.185 per share in Regal Petroleum on 9 December 2010 (the last business day before the date of the announced Offer);
56% of premium to the average bidding closing price of £0.154 per share in Regal Petroleum in the course of the month before the start of the Offer Period;
Initially, the offer will be open for acceptance until 13:00 (London time) on 24 January 2011. Therewith, the offer of Energees Management remains the only one made to the shareholders of Regal Petroleum plc.
Energees Management Limited notes that on 13 December 2010 Heamoor Limited company stated that it was considering the possibility of declaring its offer to the shareholders of Regal Petroleum for repurchase of shares for cash or by merger of assets with Regal Petroleum, but since then Heamoor Limited did not make any statements. Moreover, Heamoor Limited officially warned that its statement did not mean that a formal offer would be made by it.On 10 December 2010, Energees Investments and Regal Petroleum announced that they had reached an agreement on the terms of the potential offer to the shareholders of Regal Petroleum for repurchase of shares. These offer terms were approved by the Board of Directors of Regal Petroleum.