Business
Proposal from Heamoor and Geo
Proposal from Heamoor and Geo.
About this update from Enwell Energy Plc
[{"type":"text","content":"\n RNS Number : 6231Z Regal Petroleum PLC 18 January 2011 \n \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 OR REGULATIONS OF THAT JURISDICTION.\n \nREGAL PETROLEUM PLC\n \nProposal from Heamoor Limited (\"Heamoor\") and Geo-Alliance Oil-Gas Public Limited (\"Geo-Alliance\")\n \nRegal Petroleum plc (\"Regal\" or the \"Company\") today provides an update with regard to the interest expressed by Heamoor in its announcement of 13 December 2010, and a potential alternative proposal to the recommended cash offer made by Energees Management Limited (\"Energees\") at a price of 24 pence per Regal share (the \"Energees Offer\"). An offer document was posted to Regal shareholders by Energees on 22 December 2010 and the first closing date of the Energees Offer is 1.00 p.m. (London time) on 24 January 2011.\n \nThe board of directors of Regal (the \"Board of Regal\") is committed to maximising value for all Regal shareholders, and as such has continued to explore viable alternatives to the Energees Offer as they arise.\n \nAccordingly, the Board of Regal has been discussing an alternative structure with Heamoor, Geo-Alliance and their advisers (the \"Geo-Alliance Proposal\"), and today provides an update as to the status of such discussions. Regal shareholders should note that there can be no guarantee at this point in time that the Geo-Alliance Proposal will ultimately be put to Regal shareholders.\n \nBoth Heamoor and Geo-Alliance are companies incorporated in Cyprus with all their issued and outstanding shares currently held by several discretionary trusts, the beneficiaries of which are Mr. Victor Pinchuk and his family members. Heamoor is involved in various financing activities and Geo-Alliance is a leading private oil and gas producer in Ukraine, further details of which are set out below.\n \nDetails of the Geo-Alliance Proposal\n \nSubject, inter alia, to due diligence by Regal and the signing of a binding sale and purchase agreement, the Geo-Alliance Proposal is comprised of two alternative elements as follows:\n \na) Proposed reverse take-over of Geo-Alliance with an option for Regal shareholders to sell their Regal shares to Heamoor at a pri...