Lamprell PLC - United Arab Emirates-based provider of oil field services - Shareholder Sami Al Angari raises stake in company to 18% from 6.6% as at Tuesday last week.
On Friday last week, Lamprell confirmed that Al Angari is in the early stages of mulling a takeover offer for the company, alongside a funding package to support the repayment of Lamprell's existing debt facilities.
So far, Al Angari has made no approach or discussions with Lamprell regarding a potential offer. With his company, Al Gihaz Holding Co, Al Angari is required to either make a firm offer for Lamprell or pull out before 1700 SAT on July 29. In addition, should Al Angari make an offer, the price per share must be at least 8.5 pence.
Current stock price: suspended at 9.00 pence
12-month change: down 83%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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