Deltic Energy PLC Statement of support from IPGL (5459T)
July 21 2020 - 02:00AM
UK Regulatory
TIDMDELT TIDMRBD
RNS Number : 5459T
Deltic Energy PLC
21 July 2020
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF SUCH JURISDICTION.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the
publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
21 July 2020
Deltic Energy Plc
("Deltic Energy" or the "Company")
Statement of support from IPGL
On 15 July 2020, Reabold Resources plc ("Reabold") announced a
potential all share offer for the issued and to be issued share
capital of Deltic Energy (the "Proposed Offer").
After consideration of the Proposed Offer with its advisers, on
16 July 2020, Deltic Energy announced that its board had rejected
the Proposed Offer.
Deltic is today pleased to announce that on 20 July 2020 it
received a letter from IPGL (Holdings) Limited ("IPGL"), a company
controlled by Michael Spencer, and the largest shareholder in
Deltic. In this letter, the text of which is set out below, IPGL
stated its intention not to support the Proposed Offer and
reiterated its continuing support of Deltic's management team, its
technical capability, focused asset base with high impact potential
and current strategy.
The Board of Deltic continues to believe that the Proposed
Offer:
- does not place an appropriate value on Deltic Energy;
- lacks any compelling strategic rationale, commercial logic or
sufficient operational synergies; and
- does not reflect the commercial and technical risks associated
with the Reabold portfolio and their potentially dilutive impact on
Deltic's own portfolio and prospects.
--------------------------------------------------------------------------------------------------------------------------------------
Mark Lappin
Deltic Energy Plc
1st Floor
150 Waterloo Road
London
England
SE1 8SB
20 July 2020
Dear Chairman,
Re Possible offer from Reabold Resources plc ("Reabold") to
acquire Deltic Energy Plc ("Deltic")
I am writing on behalf of IPGL (Holdings) Limited ("IPGL") to
inform you that we do not intend to accept the proposed offer by
Reabold for Deltic, as announced on 15 July 2020, in respect of
IPGL's entire shareholding in Deltic.
This intention reflects our continuing support of Deltic's
management team, its technical capability, focused asset base with
high impact potential and current strategy.
IPGL holds 236,432,780 shares in Deltic, representing 16.8% of
the issued share capital and it does not have a shareholding in
Reabold.
I confirm that IPGL consents to this letter being referenced
publicly.
Yours sincerely,
Michael Spencer
Chairman
IPGL Limited
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Contacts:
Deltic Energy Plc Tel: +44 (0) 20 7887
2630
Graham Swindells / Andrew Nunn / Sarah McLeod
Allenby Capital Limited Tel: +44 (0) 20 3328
(Nominated Adviser, Financial Adviser and 5656
Broker)
David Hart / Alex Brearley / Asha Chotai
(Corporate Finance)
Vigo Communications Tel: +44 (0) 20 7390
(PR Adviser) 0230
Patrick d'Ancona / Chris McMahon / Simon
Woods
Publication on website
A copy of this announcement will be made available (subject to
certain restrictions relating to persons resident in restricted
jurisdictions) at http://www.delticenergy.com/ in accordance with
Rule 26.1 of the Takeover Code by no later than 12 noon (London
time) on 22 July 2020. For the avoidance of doubt, the content of
the website referred to in this announcement is not incorporated
into and does not form part of this announcement.
Additional information
Allenby Capital Limited ("Allenby Capital"), is authorised and
regulated by the Financial Conduct Authority in the United Kingdom.
Allenby Capital is acting as financial adviser exclusively for
Deltic Energy and no one else in connection with the matters set
out in this announcement and will not regard any other person as
its client in relation to the matters set out in this announcement
and will not be responsible to anyone other than Deltic Energy for
providing the protections afforded to clients of Allenby Capital or
its affiliates, or for providing advice in relation to the contents
of this announcement or any other matter referred to herein.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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