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Reabold receives possible buy-out offer via email

Posted on Author editorial Comment(1)

Oil and gas investor Reabold Resources plc said it had yesterday received an unsolicited approach by email to buy out the company.

Deadline: the highly preliminary approach was made yesterday via a succinct email (Pixabay)

OFFER

Kamran Sattar made the offer on behalf of Portillion SPV O&G, which Reabold believes is an affiliate of Portillion Capital Ltd.

Companies House lists Mr Sattar as the sole director of financial management company Portillion Capital.

UNDERVALUED

“This highly preliminary approach was made yesterday at 4.46 pm (London time) via a succinct email, with no details included, save for it referring to a possible offer price at a 10% premium to yesterday’s closing price, implying a value of 0.2035 pence per ordinary share of 0.1 pence each, based on the middle market closing price of an ordinary share,” said Reabold today.

“Even in the absence of further information, the board believes that the possible offer price significantly undervalues Reabold’s investment portfolio, the company as a whole, and its future prospects.”

The company advised its shareholders to take no action at this stage.

DEADLINE

The potential buyer has until 5pm on 12 April 2023 either to announce a firm intention to make an offer for Reabold or announce its intention not to make an offer.

Reabold added it had made today’s announcement without the consent of the possible offeror and will release further news as appropriate.

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  1. Pingback: Portillion withdraws plan to buy Reabold Resources - Extractive Industries

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