Business
Acquisition of the Caspian Explorer
Acquisition of the Caspian Explorer.
About this update from Caspian Sunrise Plc
[{"type":"text","content":"\n \nRNS Number : 4618A Caspian Sunrise plc 21 January 2020 \n\nCaspian Sunrise PLC\n \n(\"Caspian Sunrise\" or the \"Company\")\n \nAcquisition of the Caspian Explorer\n \n1 Introduction\n \nThe Board of Caspian Sunrise is pleased to announce the proposed acquisition of the Caspian Explorer, a drilling vessel capable drilling exploration wells to depths of up to 6,000 meters in extremely shallow water, for a consideration of $25 million to be satisfied by the issue of 160,256,410 new Ordinary shares at a price of 12p per share, a premium of 27.7 per cent to the closing mid-market price on 20 January 2020.\n \nAs the majority owner of the Caspian Explorer is a member of the Oraziman family the Acquisition is a related party transaction.\n \nAs a result of the Acquisition the Oraziman's family's interest in the Company would increase from 42.9% to 44.2%. The Panel has given its consent that the issue of shares to the Oraziman Family in connection with the acquisition of the Caspian Explorer does not require the Oraziman Family to make a mandatory Rule 9 offer under the Takeover Code (pursuant to Note 4 on Rule 9.1 of the Code) and accordingly does not require Independent Shareholders to vote on a waiver of the obligations of the Oraziman Family under the same rule.\n \nLater today a Circular will be sent to shareholders to convene a General Meeting to be held at 11.00am Thursday 13 February 2020 at the offices of Fladgate 16, Great Queen Street, London WC2B 5DG to consider the resolutions necessary to approve the acquisition of the Caspian Explorer (the \"Acquisition\"). A copy of the Circular will be made available on the Company's website www.caspiansunrise.com\n \n2 Background to the Acquisition\n \nThe Directors believe that the Company's flagship asset BNG has the potential to become extremely valuable, in particular on the assumption that the deep wells will flow at commercial rates. The Directors also have high hopes with regard to the 3A Best Contract Area. However, these are not the only oil and gas assets of value in Kazakhstan.\n \nTo date Caspian Sunrise has focused exclusively on on-shore exploration and production.\n \nIn parts of the Northern ...