REG - Ratio Petroleum Enrg Pharos Energy PLC - Recommended Increased Acquisition of Pharos

About this update from Ratio Petroleum Energy Lp

RNS Number : 6704P Ratio Petroleum Energy - LP 07 August 2026 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.THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO 596/2014 (INCORPORATED INTO UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 AS AMENDED BY VIRTUE OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.FOR IMMEDIATE RELEASE7 August 2026RECOMMENDED INCREASED ACQUISITIONofPharos Energy plc ("Pharos")byRatio Petroleum Energy LP ("Ratio")to be effected by means of a scheme of arrangementunder Part 26 of the Companies Act 20061. IntroductionOn 24 June 2026, the board of directors of each of Ratio and Pharos announced that they had reached agreement on the terms of a recommended acquisition by Ratio of the entire issued and to be issued share capital of Pharos (the "Original Acquisition"). Under the terms of the Original Acquisition, Pharos Shareholders were entitled to receive a total value of up to 28.0 pence in cash per Pharos Share, comprising 23.0683 pence in cash per Pharos Share together with 4.0 pence in cash per Pharos Share by way of a special dividend and the FY25 Final Dividend (as defined below).The scheme document in respect of the Original Acquisition (the "Scheme Document") was published and made available to Pharos Shareholders on 21 July 2026. This announcement should be read in conjunction with the Scheme Document.Following the announcement of a competing offer for Pharos by Serica Energy plc ("Serica") on 26 July 2026 (the "Serica Offer"), the board of directors of each of Ratio and Pharos have engaged in further discussions and have agreed the terms of an increased recommended all-cash offer by Ratio for the entire issued and to be issued share capital of Pharos (the "Increased Ratio Offer") to be effected by means of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 (the "Acquisition").Capitalised terms used and not defined in this announcement have the meanings given to them in the Scheme Document.2. Increased...

View stock analysis, news, and events for Ratio Petroleum Energy Lp