Spitfire Oil Limited Transaction in Own Shares (5814W)
December 30 2013 - 10:07AM
UK Regulatory
TIDMSRO TIDMGFM
RNS Number : 5814W
Spitfire Oil Limited
30 December 2013
Spitfire Oil Limited ("Spitfire")
Repurchase of 16,666,667 shares from Griffin Mining Limited
("Griffin")
Spitfire announces today the repurchase of 16,666,667 shares in
Spitfire held by Griffin at 5 pence per share (the "Transaction"),
representing a discount of 13.0% to the closing share price of a
Spitfire share on 27 December 2013 of 5.75 pence. The purchased
shares will be cancelled. Following such repurchase, Spitfire will
have 25,884,001 shares in issue.
The common, and therefore conflicted, directors of both Griffin
and Spitfire have not participated in the respective board
decisions relating to the Transaction. Panmure Gordon (UK) Limited
("Panmure Gordon") acts as nominated adviser to both Spitfire and
Griffin. Panmure Gordon has not acted for Griffin in any aspect of
the Transaction and has not been involved, from either party's
point of view, in negotiations on the price at which the shares
have been repurchased.
The Spitfire independent director considers, having consulted
with Spitfire's nominated adviser, that the terms of the
Transaction are fair and reasonable insofar as its shareholders are
concerned.
Enquiries
Spitfire Oil Limited
Mal Randall
Panmure Gordon 020 7886 2500
Dominic Morley
This information is provided by RNS
The company news service from the London Stock Exchange
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