(Alliance News) - Hardy Oil & Gas PLC urged shareholders on Tuesday to take no action as a shareholder prepares to make a mandatory bid for the firm.
On Monday, Blake Holdings Ltd said it had bought 9.2 million Hardy shares at 5 pence each. Blake is owned by Richard Griffiths, who also held Brady shares through another entity and directly.
He has since consolidated all of the shares into Blake Holdings, which now has a 42% holding in Aberdeen-based Hardy, meaning he is now required to make an offer for the firm at 5p. Shares were 3.8% lower Tuesday in London at 5.00p.
"Hardy's board of directors will respond more fully to the mandatory offer in due course. In the meantime, the board recommends shareholders should take no action," said Hardy on Tuesday.
"The board will be writing to shareholders as soon as practicable with its formal response to the mandatory offer once Blake has posted the offer document."
Hardy no longer has any assets, having sold its interests in India in October for USD8.8 million. Later that month, former Chief Executive Ian MacKenzie stood down.
By George Collard; georgecollard@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.