(Alliance News) - Blake Holdings Ltd on Monday said it is required to make a mandatory takeover offer for Hardy Oil & Gas PLC after buying shares in the firm.
Blake, a controlled undertaking of Richard Griffiths, said it bought 9.2 million Hardy shares on Monday from Universities Superannuation Scheme Ltd at a price of 5 pence each.
Prior to this purchase, Griffiths had an interest in 22.0 million Hardy shares. This comprised 250,000 shares in his own name, 571,055 shares held by Blake and 21.2 million shares held by another controlled undertaking, Serendipity Capital Ltd.
Griffiths, via his controlled undertakings, has been an investor in Hardy since early 2012.
He has now carried out an intra-group transfer so that all of his Hardy shares are held directly by Blake.
Following the purchase and intra-group transfer, Blake holds 31.2 million shares in Hardy, representing a 42.3% stake.
Under UK Takeover Code rules, Blake is now required to make a mandatory offer for Hardy shares it does not already own, at a price of 5p each. The offer is in cash and is final, Blake said, and will not be increased.
The offer values the total issued share capital of Hardy at GBP3.7 million.
Shares in Hardy Oil & Gas closed down 9.6% at 5.2 pence in London on Monday, giving it a market capitalisation of GBP3.8 million.
By Lucy Heming; lucyheming@alliancenews.com
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