Sound Energy plc announced it was evaluating a possible all-share offer for the entire issued and to-be-issued share capital of Angus Energy plc.
PREVIOUS PROPOSALS
In a statement issued today, Sound Energy said that between 18 December 2021 and 4 January 2022 it had made “indicative proposals to Angus regarding a potential all-share combination”, which the Angus board “unequivocally rejected”.
On 14 January 2022, Sound Energy and its financial adviser Gneiss Energy Ltd made a further formal approach orally to the managing director of Angus and the company’s financial adviser Beaumont Cornish Ltd on the terms of the possible offer.
POSSIBLE OFFER
The terms of the possible offer comprise the issue of 0.680 Sound Energy ordinary shares for each Angus ordinary share subject to reservations.
Angus shareholders would own 38% of the combined group and Sound Energy shareholders 62%.
Sound Energy added it had received support from Angus shareholders in respect of a total of 152,203,626 Angus shares representing, in aggregate, 13.92% of Angus.
The company said that, at this stage, there was no certainty of making an offer.
Sound Energy has until 5pm on 15 February 2022 to announce whether or not it intends to make an offer for Angus.