Business
Possible combination with Ascent Resources plc
Possible combination with Ascent Resources plc.
About this update from Cadogan Energy Solutions Plc
[{"type":"text","content":"\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION\n\nCADOGAN PETROLEUM PLC\n\nStatement regarding possible combination with Ascent Resources plc\n\n31 March 2016\n\nFurther to its announcement on 29 March 2016, Cadogan Petroleum plc (“Cadogan†or the “Companyâ€) notes the recent appreciation in the share price of Ascent Resources plc (\"Ascent\"), which as at the close of business yesterday was at a 658% premium to the closing share price of 0.93 pence on 23 March 2016, being the business day immediately prior to the announcement by Ascent regarding the possible combination of Cadogan and Ascent.\n\nCadogan has conducted extensive due diligence on Ascent and the Petisovci Gas Project, however this share price rise has taken Ascent’s enterprise value above a level that Cadogan was prepared to consider for a potential transaction. As a result, Cadogan confirms that it does not intend to make an offer for Ascent. \n\nThis announcement is made in accordance with Rule 2.8 of the UK City Code on Takeovers and Mergers (the \"Code\"). As a result of this announcement Cadogan will, together with any party acting in concert with Cadogan, be bound by the restrictions contained in Rule 2.8 of the Code.\n\nCadogan reserves the right to announce an offer or possible offer or make or participate in an offer or possible offer for Ascent (and/or take any other action which would otherwise be restricted under Rule 2.8 of the Code) within the next six months following the date of this announcement in the circumstances set out in Note 2 to Rule 2.8 or with the consent of the Panel on Takeovers and Mergers.\n\nIn accordance with Rule 30.4 of the Code a copy of this announcement will be available at http://www.cadoganpetroleum.com/\n\nThe content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.\n\nEnquiries:\n\n\n\nCadogan Petroleum plc\n+380 (44) 594 5870\n\n\n\nGuido Michelotti, Chief Executive OfficerMarta Halabala, Company Secretary\n\n\n\n\nCantor Fitzgerald Europe\n+44 (0) 20 7894 7000\n\n\n\nDavid PorterSarah Wharry\n\n\n\n\n ","length":2980,"tagName":"div"}]