Business
Reminder of Closing Date
Reminder of Closing Date.
About this update from Enwell Energy Plc
[{"type":"text","content":"\n RNS Number : 1109B Regal Petroleum PLC 11 February 2011 \n\nFOR IMMEDIATE RELEASE\nREGAL PETROLEUM PLC\nNot for release, publication or distribution in whole or part in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction\n11 February 2011\n \nREGAL PETROLEUM PLC\nRECOMMENDED INCREASED PARTIAL CASH OFFER\nBY ENERGEES MANAGEMENT LIMITED\n \nReminder of Closing Date of 20 February 2011\nShareholders urged to accept the Increased Partial Offer by Closing Date\n \nSummary\n· Regal Petroleum plc (Regal or the Company) notes the announcement yesterday by Heamoor Limited (Heamoor) and Geo-Alliance Oil-Gas Public Limited (Geo-Alliance) confirming that they will not be making an offer for Regal.\n· On 6 February 2011, Energees Management Limited (Energees Management) made an Increased Partial Offer of 38 pence in cash for up to 224,446,485 Regal Shares (representing approximately 70 per cent. of the fully diluted share capital of the Company). \n· The Board of Regal advises Regal Shareholders that, having run a competitive sale process, the Increased Partial Offer from Energees Management is the only offer available and continues, in the Board's view, to be the best option for Regal Shareholders. The Increased Partial Offer provides greater certainty of value for Regal Shareholders than either: (i) a potential future transaction with Geo-Alliance based on their indicative proposals to date, or (ii) Regal remaining an independent, quoted entity without the majority ownership of Energees Management. \n· If the Increased Partial Offer were to lapse, there can be no guarantee whatsoever that any proposal from Heamoor and/or Geo-Alliance would be put to Regal Shareholders. The Board of Regal therefore unanimously recommends that Regal Shareholders accept and approve the Increased Partial Offer.\n· Regal and Energees Management remind Shareholders that the Increased Partial Offer is subject to an acceptance condition, the terms of which include the receipt of acceptances by 1.00 p.m. (London time) on Sunday 20 February 2011 of not less than 70 per cent. in nominal value of t...