20th Feb 2019 09:43
LONDON (Alliance News) - San Leon Energy PLC on Wednesday proposed a buyback worth up to GBP23.2 million by way of tender offer of 50.5 million shares at a price of 46 pence each.
The tender price represents a premium of 50% to the stock's closing price on Tuesday. San Leon shares were trading 20% higher on Wednesday morning at 36.66p each, giving it a market capitalisation of GBP153.1 million.
The oil & gas exploration company expects the tender offer to close on March 20.
"The scale of the tender offer reflects our strong financial position, our confidence in the company's future prospects and commensurate cashflow, and our view that the current share price does not reflect fully the potential value of our business," explained Chief Executive Oisin Fanning.
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