Cavendish Asset Management Cavendish Asset Mgnt. statement on Faroe Petroleum (6582M)
January 09 2019 - 10:16AM
UK Regulatory
TIDMFPM TIDM0MHP
RNS Number : 6582M
Cavendish Asset Management
09 January 2019
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY, INTO OR FROM ANY JURISDICTION WHERE
TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR
REGULATIONS OF THAT JURISDICTION
09 January 2019
Statement by Cavendish Asset Management Limited ("Cavendish" or
"we" or "our") about the proposed offer by DNO ASA ("DNO") for
Faroe Petroleum plc ("Faroe")
As the views of Cavendish, that it considered the offer by DNO
unacceptable, has been widely reported in the press, we are making
this formal statement of our current position.
In response to the increased and final offer by DNO for Faroe,
we remain of the view that it is well below our expectations and
the minimum independent valuation of 186p. However we have
determined that we would not want to be a minority holder in Faroe
due to the different management approach of DNO.
Accordingly, we have today divested of our entire discretionary
holdings in Faroe.
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END
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January 09, 2019 10:16 ET (15:16 GMT)
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