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LONDON (Alliance News) - Worthington Group PLC Monday clarified the terms of its subscription investment in CPS Energy Resources PLC and unveiled a series of appointments.
The investing company said its GBP12.5 million investment in CPS will only be made if, prior to investing, the company is satisfied the investment will result in a gain of more than GBP30 million to the company.
It said it is in talks with institutional investors on the final decision to invest.
Worthington announced the investment last week, saying it would subscribe for GBP12.5 million in shares at a price that equates to 27.5% of the agreed likely stock market value of CPS, which is expected to list in 2015.
The company also made appointments to its mergers and acquisitions team, with David Winduss appointed head of acquisitions and Oleg-Serguei Schkoda appointed head of its oil and gas team.
Worthington Group shares were the second worst performer on the London market on Monday morning, down 18% to 106.50 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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