Business
Proposed Combination of Kistos with Serica Energy
Proposed Combination of Kistos with Serica Energy.
About this update from Kistos Holdings Plc
[{"type":"text","content":"\n \n \n \n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, 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 \n \n \n \n \n \n \n \n \n THIS IS AN ANNOUNCEMENT OF A POSSIBLE OFFER FALLING UNDER RULE 2.4 OF THE UNITED KINGDOM (\"UK\") CITY CODE ON TAKEOVERS AND MERGERS (THE \"TAKEOVER CODE\") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE TAKEOVER CODE. THERE CAN BE NO CERTAINTY THAT ANY OFFER WILL BE MADE.\n \n \n \n \n \n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU, WHICH IS PART OF UK DOMESTIC LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) (\"UK MAR\").\n \n \n \n \n \n \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n \n 12 July2022\n \n \n Proposed Combination of Kistos plc with Serica Energy plc\n \n \n \n \n \n \n \n \n \n \n ·\n Kistos believes that the Proposed Combination will create a leading independent North Sea champion, led by the right team with the right strategy\n \n \n \n \n \n ·\n Kistos believes that the Proposed Combination has strong industrial logic, significant value creation potential and achieves increased scale, relevance and trading liquidity for shareholders of both companies\n \n \n \n \n \n ·\n Kistos considers that the Proposed Combination would position the Combined Company to be a market consolidator, with an optimised balance sheet\n \n \n \n \n \n ·\n It is anticipated that, following completion of the Proposed Combination, the Combined Company would apply for the admission of its shares to a Premium Listing and to trading on the Main Market of the London Stock Exchange, given that, at current market valuations, the Combined Company would rank among companies currently within the FTSE 250 index\n \n \n \n \n \n ·\n Accordingly, this announcement is being made by Kistos to urge Serica shareholders to encourage the Board of Serica to engage in constructive discussions with the Board of Kistos regarding the Proposed Combination\n \n \n \n \n \n Kistos plc (\"Kistos\") is today announcing a proposed combination with Serica Energy plc (\"Serica\") (th...