Business
Offer for Lochard Energy Group plc
Offer for Lochard Energy Group plc.
About this update from Parkmead Group Plc
[{"type":"text","content":"\n \nRNS Number : 3851F Parkmead Group (The) PLC 23 May 2013 \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 OF SUCH JURISDICTION\n23 May 2013\nRECOMMENDED ALL-SHARE OFFER\nfor\nLochard Energy Group PLC (\"Lochard\")\nby\nThe Parkmead Group plc (\"Parkmead\")\n \n(to be implemented by way of a Scheme of Arrangement\nunder Part 26 of the Companies Act 2006)\n\nSummary\n· The boards of Parkmead and Lochard are pleased to announce that they have reached agreement on the terms of a recommended all-share offer for Lochard, pursuant to which Parkmead will acquire the entire issued and to be issued ordinary share capital of Lochard (the \"Acquisition\"). It is intended that the Acquisition be implemented by way of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act.\n· Under the terms of the Acquisition, Scheme Shareholders will be entitled to receive 0.385 Parkmead Consideration Shares for each Scheme Share held at the Scheme Record Time. \n· Based on the Closing Price of a Parkmead Share of 12.625 pence on 22 May 2013 (being the latest practicable date prior to the date of this Announcement), the Acquisition values the entire issued and to be issued share capital of Lochard at approximately £14.5 million, and each Lochard Share at approximately 4.9 pence. This is based on 298,865,616 Lochard Shares in issue as at the date of this Announcement.\n· Parkmead is an AIM quoted emerging independent oil and gas company with a strategy of utilising the significant technical and commercial expertise that exists within its experienced team, led by its Executive Chairman Tom Cross, to exploit the exploration and production opportunities that exist in its known and preferred areas of the UKCS and the Netherlands. \n· Lochard is an AIM quoted independent oil and gas production, appraisal and development company focused on the UKCS. Lochard's principal asset is its 10 per cent. interest in the Athena field. \n· The Lochard Directors, who ...