(Alliance News) - Anglo African Oil & Gas PLC said Tuesday it has received an offer from Jub Capital Ltd to acquire its shares currently held by RiverFort Financing.
Anglo African Oil & Gas shares were up 77% in London at 0.80 pence each on Tuesday.
The company said Jub Capital also proposed to subscribe for new shares at the issue price giving proceeds of approximately GBP300,000.
Anglo African Oil & Gas said the proposal was received at 1730 GMT on Monday. The company said it has unanswered questions that require resolution before the board can make a fair assessment regarding the Jub Proposal.
Anglo African Oil & Gas also announced the resignation of Phil Beck, James Cane and Nick Butler from the board of the company but implied the retention of Sarah Cope and Brian Moritz on the board.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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