4th Apr 2016 08:08
LONDON (Alliance News) - Caza Oil & Gas Inc on Monday said it has received a proposal from its majority shareholder to take the company private and cancel its listing on AIM.
The oil and gas company said Talara Opportunities V LP, which already owns 95% of Caza's shares, has made a proposed to take the company private at a cash price of USD0.00481 per share, equivalent to about 0.34 pence. The price is around 12% higher than the valuation placed on the company by an independent committee of Caza directors, Caza said.
Caza shares were down 50% to 0.29 pence after disclosing news of the proposal.
Caza will hold a meeting on the proposals on April 29 and expects its AIM listing to be cancelled by May 10. The company also intends to voluntarily de-list from the Toronto Stock Exchange.
By Sam Unsted; [email protected]; @SamUAtAlliance
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