16th Jul 2020 18:20
Deltic Energy PLC - London-based oil & gas exploration investor - Unequivocally rejects unsolicited and non-binding offer from Reabold Resources PLC. The offer, Reabold said, will see 1.5 Reabold shares be exchanged for each Deltic share. But Deltic responded by saying it "places no value at all on its significant non cash assets, not least its share of two potential high impact exploration wells". Deltic added that it does not believe there to be a "strong rationale, commercial logic or sufficient operational synergies that would justify a combination of the two businesses". Deltic noted it is fully funded to deliver on its existing strategy through to mid-2022.
Deltic Energy current stock price: 0.85 pence
Year-to-date change: down 46%
Reabold Resources current stock price: 0.59 pence
Year-to-date change: down 23%
By Paul McGowan; [email protected]
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Reabold ResourcesDeltic Energy