Business
Announcement by Ophir Energy plc
Announcement by Ophir Energy plc.
About this update from Coro Energy Plc
[{"type":"text","content":"\n \nRNS Number : 6278T Coro Energy PLC 21 March 2019 \n\n \n21 March 2019\n \nCoro Energy plc\n \n(\"Coro\" or the \"Company\")\n \nAnnouncement by Ophir Energy plc\n \nCoro Energy plc, the South East Asian focused exploration and production company, notes the announcement made yesterday by Ophir Energy plc (\"Ophir\") (the \"Announcement\"), in which Coro was identified as a potential bidder for the entire issued and to be issued share capital of Ophir and in which Coro confirmed that it does not intend to make an offer for Ophir. The Announcement was made with the consent and prior approval of Coro.\n \nAs noted in the Announcement, Coro did enter into discussions with Ophir regarding a possible offer, based on a proposal that Ophir shareholders receive 40 pence in cash per share, as well as new shares in Coro resulting in an ownership by Ophir shareholders of between 85 per cent and 95 per cent of the enlarged company. Coro would have utilised a bridge finance facility to fund the cash element, and was in advanced discussions with a global investment bank in relation to this facility.\n \nCoro saw in Ophir a clear strategic fit with Coro's ambitions in South East Asia, a complementary portfolio within which Coro's South East Asian assets would add value, growth and portfolio balance, and an asset base that Coro's management has a long history with and detailed knowledge of. In addition, Coro's experience in building and managing mid-cap oil & gas companies, knowledge, relationships and regional E&P expertise would be of benefit to the enlarged group and the maximisation of the value of its assets.\n \nIn light of the confirmation of certain irrevocables being given to the offer put forward by Medco Energi Global PTE Ltd (\"Medco\"), Coro believes that the probability of being able to effect a competing transaction by means of a scheme of arrangement, which would require, inter alia, at least 75 per cent. of votes cast in an Ophir general meeting to proceed, has greatly diminished. As a result, and as more particularly described in the Announcement, Coro has confirmed that it does not intend to make an offer and will, except with the consent of the Panel, be bound by the restrictions contained in Rule 2.8 of the City Code on Takeovers and Mergers, subject to the reservatio...