26th Feb 2016 09:11
LONDON (Alliance News) - Worldview Capital Management SA on Friday made a bid for London-listed Petroceltic International PLC at a huge discount, claiming it believes the value of the equity in Petroceltic is close to zero.
Worldview, which owns a 29.6% stake in Petroceltic, has been engaged in a war of words with the company of late, first attempting unsuccessfully to oust its chief executive and later making a series of accusations of corruption.
On Friday, the latest salvo in the battle between the pair came as Worldview, through the Sunny Hill Ltd bidding vehicle, made a cash bid of 3.00 pence per share for Petroceltic, valuing the company at GBP6.4 million.
The price is at an 83% discount to Petroceltic's closing price on Thursday, but Worldview said it believes the value of Petroceltic's equity is "close to zero", reiterating its concern over the company's "precarious, and worsening, financial position".
Petroceltic noted the offer in a later release and urged its shareholders to take no action at the present time.
The bid sent Petroceltic shares down 42% to 10.50p early Friday, one of the worst performers in the AIM All-Share, setting a new 52-week low of 6.00p along the way.
By Sam Unsted; [email protected]; @SamUAtAlliance
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