Business
Statement of support from IPGL
Statement of support from IPGL.
About this update from Deltic Energy Plc
[{"type":"text","content":"\n \n \n RNS Number : 5459T\n Deltic Energy PLC\n 21 July 2020\n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.\n \n The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.\n \n \n \n 21 July 2020\n \n \n \n \n \n Deltic Energy Plc\n \n \n (\"Deltic Energy\" or the \"Company\")\n \n \n \n \n \n Statement of support from IPGL\n \n \n \n \n \n \n \n On 15 July 2020, Reabold Resources plc (\"Reabold\") announced a potential all share offer for the issued and to be issued share capital of Deltic Energy (the \"Proposed Offer\").\n \n After consideration of the Proposed Offer with its advisers, on 16 July 2020, Deltic Energy announced that its board had rejected the Proposed Offer.\n \n Deltic is today pleased to announce that on 20 July 2020 it received a letter from IPGL (Holdings) Limited (\"IPGL\"), a company controlled by Michael Spencer, and the largest shareholder in Deltic. In this letter, the text of which is set out below, IPGL stated its intention not to support the Proposed Offer and reiterated its continuing support of Deltic's management team, its technical capability, focused asset base with high impact potential and current strategy. \n \n The Board of Deltic continues to believe that the Proposed Offer:\n \n - does not place an appropriate value on Deltic Energy;\n - lacks any compelling strategic rationale, commercial logic or sufficient operational synergies; and\n - does not reflect the commercial and technical risks associated with the Reabold portfolio and their potentially dilutive impact on Deltic's own portfolio and prospects.\n \n --------------------------------------------------------------------------------------------------------------------------------------\n \n \n Mark Lappin\n \n \n Deltic Energy Plc\n \n \n 1st Floor \n \...