21st Aug 2024 12:15
Trinity Exploration & Production PLC - Trinidad & Tobago-focused oil exploration and production firm - Calgary, Canada-based Touchstone Exploration Inc says its takeover offer for fellow AIM listing Trinity is final and won't be raised but will remain open. The board of Trinity Exploration earlier this month switched its support to a rival offer from Lease Operators Ltd, but Touchstone on Wednesday reports that it has acceptances for its offer from shareholders in Trinity representing 41.3% of its shares. Touchstone asks Trinity shareholders to take no action on the Lease Operators offer. "We continue to believe that the Touchstone offer represents an attractive opportunity to materially enhance value for both Trinity's and Touchstone's shareholders, and we have therefore decided not to allow the Touchstone offer to lapse at this juncture" says Touchstone Chief Executive Officer Paul Baay.
Lease Operators is offering to pay 68.05 pence in cash for each Trinity shares, valuing Trinity at GBP26.4 million. The Touchstone offer is all in shares on the basis of 1.5 new Touchstone shares for each Trinity share. This currently values the Trinity shares at 46.44p. At the time of the Touchstone offer back in May, it was worth 61.9p per Trinity share, but the Touchstone share price has fallen since, quoted at 30.96p midday Wednesday in London.
Current stock price: 54.00p, down 6.9% on Wednesday
12-month change: down 40%
By Tom Waite, Alliance News editor
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