Industry & Business

A takeover by Sunny Hill for exploration firm Petroceltic has come to a close

 Breaking News
  • Strabane Manufacturer to Invest Over £7 Million in Ambitious Expansion Strabane-based Fabplus is planning to more than double its workforce and turnover with support from Invest Northern Ireland. The investment is part of a three year expansion plan to increase its market share in the Republic of Ireland and Great Britain, and gain a foothold in mainland Europe and Scandinavia. Recruitment is underway to employ 83 additional staff at [...]...
  • PM Group Appoints a New Non-Executive Director Michael McNicholas has been appointed as a Non-Executive Director of Project Management Holdings (PM Group), the Irish headquartered international project delivery specialists. Michael McNicholas. Michael has over 35 years’ experience in senior leadership positions in the public and private sectors. He is the former CEO of Ervia, NTR plc and Managing Director of ESB International.  During his [...]...
  • Center Parcs Signs Contract With John Sisk & Son As construction activity on the much anticipated €233 million Center Parcs Longford Forest resort in County Longford ramps up, the company has announced it has formally awarded two major construction contracts to Dublin-based construction firm John Sisk & Son. The contracts for the construction of the 470 lodges and 30 apartments as well as the state-of-the-art centre [...]...
  • Medi-Shower Invests in Innovation to Drive Export Growth Multi-award-winning manufacturer Medi-Shower has created ‘smart showerhead’ technology which can reduce the risk of Legionnaires disease. The cutting edge product, developed with R&D support from Invest Northern Ireland is designed to meet the high requirements for hygiene within the healthcare sector. It reduces the risk of waterborne infection from bacteria that can build up due to poor design [...]...
  • EIB Loan Will Trigger €180 Million Investment Programme in Fingal Fingal County Council has signed a €70 million Framework Loan Agreement with the European Investment Bank (EIB) which will trigger a €180 million investment in strategic infrastructure projects within the county’s Capital Development Plan. This represents the first EIB support for county-wide investment in partnership with an Irish local authority for more than a decade [...]...

A takeover by Sunny Hill for exploration firm Petroceltic has come to a close

April 15
11:20 2016

download (2)A potential takeover by Sunny Hill a company owned by Petroceltic’s biggest shareholder Worldview has come to a close after the timing for acceptance on the £6.4m bid lapsed.

Last month, Petroceltic had called on its shareholders to accept the offer at a price of 3 pence per share.

But in a statement Sunny Hill said the deal had not been finalised in time to meet Irish takeover rules and had now been withdrawn.

Sunny Hill said that as of 1pm on Wednesday it had received valid acceptances of the offer in respect of 82,329,157 Petroceltic shares, equivalent to 38.5 per cent of Petroceltic’s issued share capital.

“As valid acceptances of the offer, representing only approximately 54.6 per cent of the Petroceltic shares affected were received by the closing date and time, the acceptance condition has not been satisfied and the offer has lapsed,” Sunny Hill said in a statement on Friday.

The firm had previously rejected the bid from activist shareholder Worldview Capital after saying the deal undervalued the group.

Earlier this month, the High Court confirmed examinership for Petroceltic and two related companies.

About Author

admin

admin

Related Articles






New Subscriber





Subscribe Here



Advertisements
































National Manufacturing Conference & Exhibition 2016

NIBRT Springboard Success Stories



Upcoming Events

  • No upcoming events
AEC v1.0.4