Industry & Business

Petroceltic gets buyout offer

Petroceltic gets buyout offer

February 26
12:38 2016

bannerOil producer Petroceltic International’s  largest shareholder, Worldview Capital Management, has offered to acquire the company for £6.42m in cash.

This comes a month after Petroceltic said it was considering an offer.

Sunny Hill Ltd, a unit of Worldview, said it would pay 3 pence for each Petroceltic share in issue, representing an 83% discount to the stock’s closing price yesterday.

Sunny Hill said it believed Petroceltic’s equity value was close to zero, given its financial position.

Earlier this week, Petroceltic said it had received a waiver of repayments under its senior bank facility until March 4.

Shares in the company have lost 92% of their value since October 2014, while Brent oil prices have fallen by more than 60%.

In a statement, Petroceltic International said it noted the announcement made earlier today by Sunny Hill Limited, a company wholly owned by the Worldview Economic Recovery Fund.

“Petroceltic will make a statement in due course. In the meantime, Petroceltic shareholders are urged to take no action,” the short statement added.

Petroceltic International plc is a publicly quoted oil and gas exploration and production company which currently employs 160 full time industry professionals across multiple disciplines and geographies. Petroceltic is an equal opportunities employer.

The Company is headquartered in Dublin with offices in Edinburgh, London, Algiers, Varna, Cairo and Rome. Petroceltic’s shares are listed on the Alternative Investment Market (AIM) of the London Stock Exchange and on the Enterprise Securities Market (ESM) of the Irish Stock Exchange.

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