Thursday 29 September 2016

Worldview buyout offer for Petroceltic lapses

Published 16/04/2016 | 02:30

Sunny Hill first indicated in February that it intended to make a formal offer to buy Petroceltic for 3p a share, valuing the Irish company at £6.4m (€8m).
Sunny Hill first indicated in February that it intended to make a formal offer to buy Petroceltic for 3p a share, valuing the Irish company at £6.4m (€8m).

Sunny Hill's takeover offer for Petroceltic - now eclipsed by the Irish exploration firm's examinership - has lapsed, after it failed to secure the necessary acceptances from shareholders.

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Sunny Hill and its parent Worldview have already secured effective control of Petroceltic after acquiring the bulk of its debt in what was a protracted battle between the pair for the fate the Irish exploration firm.

Sunny Hill first indicated in February that it intended to make a formal offer to buy Petroceltic for 3p a share, valuing the Irish company at £6.4m (€8m).

At the time, Worldview, which is headed by Angelo Moskov, claimed Petroceltic was virtually worthless. Worldview said its Sunny Hill subsidiary was offering 3p per share only because it wanted to encourage Petroceltic shareholders to accept the offer. Shares in Petroceltic slumped to 10p in London from 18p that day.

"The directors of Sunny Hill believe that the value of the equity in Petroceltic is close to zero, given the parlous financial position of the company," Worldview said at the time.

Worldview, which owns almost 30pc of the Irish company, said a takeover of Petroceltic was dependent on valid acceptances in respect of 90pc of the exploration firm's shares being received. Petroceltic chairman Robert Adair owns 19pc of the Irish firm.

Yesterday, Sunny Hill said the offer had lapsed. It said that as of lunchtime on Thursday, which was the closing date for the offer, valid acceptances in respect of 54.6pc of the affected Petroceltic shares, and 38.5pc of the entire issued share capital of Petroceltic had been received.

"The offer is no longer capable of further acceptance and accepting Petroceltic shareholders and Sunny Hill have ceased to be bound by acceptances made and received before the closing date and time," it said.

Irish Independent

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