San Leon gets indicative takeover bid from China
Irish oil and gas explorer San Leon Energy has received a conditional takeover offer valuing it at £305m-£347m (€347m-€395m).
But the offer has not been formally tabled and the company was racing over the weekend to prevent its shares being suspended tomorrow as it sought to publish its accounts on time.
The potential offer has come from a company called China Great United Petroleum (Holding), San Leon said. It is conditional on the Chinese company completing due diligence to its satisfaction. There is no certainty that an offer will be made.
It gives an indicative value of 67p-76p per share. San Leon's shares closed on Friday at 34.75p, valuing it at £158m. It is listed on the AIM market in London.
In the same announcement, San Leon said it was required to publish its annual accounts within six months of the end of 2016 under the AIM rules.
It said: "The company... is working towards finalising its accounts before the deadline, albeit there is a risk that the ordinary shares may be temporarily suspended."
San Leon is run by former Smart Telecom boss Oisin Fanning. Its biggest shareholder is Toscafund, founded by legendary London hedge fund manager Martin 'the Rottweiler' Hughes.
Sunday Indo Business