Parkmead Group: No increase to offer
Friday, June 21, 2013
- Having undertaken full technical, financial and legal due diligence of Lochard Energy and its assets, the board of Parkmead believes that its offer for Lochard Energy reflects fully the value of Lochard Energy.
Prior to the announcement of the recommended offer on 23 May 2013 ("Offer Announcement"), Parkmead had conducted extensive due diligence on Lochard Energy and had formulated the terms of its offer based, inter alia, on the anticipated future performance and risks of the Athena field.
Having undertaken full technical, financial and legal due diligence of Lochard Energy and its assets, the board of Parkmead believes that its offer for Lochard Energy reflects fully the value of Lochard Energy. Therefore, Parkmead confirms that its offer of 0.385 Parkmead Shares for each Lochard Energy Share is final, and that this offer will not be increased.
The Parkmead offer has been recommended by the Lochard Energy Directors who believe that the terms of the Acquisition are in the best interests of Lochard Energy and the Lochard Energy Shareholders, as a whole.
Parkmead has also received irrevocable undertakings or letters of intent to vote in favour of the Scheme and the resolutions at the Court Meeting and the General Meeting, both being held on 11 July 2013, from certain Lochard Energy Shareholders in respect of 123,719,434 Lochard Energy Shares representing, in aggregate, approximately 41.4 per cent. of the issued ordinary share capital of Lochard Energy. A summary of the irrevocable undertakings and the letter of intent given by Lochard Energy Shareholders is contained in Appendix I to this announcement. Parkmead reserves its right under Rule 32.2 of the City Code on Takeovers and Mergers (the 'Takeover Code') to increase the offer in the event that a third party announces a firm intention to make an offer for Lochard Energy.
The scheme circular to Lochard Energy Shareholders containing the terms and conditions of the offer from Parkmead was posted to Lochard Energy Shareholders and, for information purposes only, to Lochard Energy share incentive scheme participants on 17 June 2013. The latest times for receipt of forms of proxy for the Court Meeting and the General Meeting are 10.00 am and 10.15 am respectively on 9 July 2013.
This article is for information and discussion purposes only and does not form a recommendation
to invest or otherwise. The value of an investment may fall. The investments referred to in this
article may not be suitable for all investors, and if in doubt, an investor should seek advice from
a qualified investment adviser. More