Upland Resources plc, partner in the Dunrobin prospect, has “unequivocally rejected” an unsolicited “very preliminary” approach for a possible takeover.
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The South East Asian company holds 32% in the Inner Moray Firth joint venture, with Reabold Resources plc (36%) and Baron Oil (32%).
It also has a 25% interest in onshore block SK46c in Hardstoft, East Midlands with Europa Oil & Gas (25%) and Ineos (50%), as well as block SK334 onshore Sarawak, Malaysia.
Upland today said it that the indicative price of 14p per share was from a potential offeror referred to as SEC Capital.
“The board has unequivocally rejected the approach as it believes it significantly undervalues the current potential of the company.”
In accordance with the takeover code, the offeror now has until 5pm on 20 November 2023 to announce whether or not it intends to make a firm for Upland.
The deadline can be extended with consent of the panel on takeovers and mergers.
Upland added in a second announcement that SEC Capital is a vehicle associated with a William G Bollinger.
Companies House lists Irishman Mr Bollinger as a member of London-based Egerton Capital (UK) LLP since 2013 and residing in the Bahamas.
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