Volga Gas PLC - producer of hydrocarbons - GEM Capital Holdings (CY) Ltd says, as of Tuesday, being the third closing date of the cash offer, valid acceptances had been received in respect of 72.4 million Volga Gas shares, representing almost 90% of Volga Gas's existing issued ordinary share capital. In mid-December, GEM Capital made a cash offer to acquire the entire issued and to be issued ordinary share capital of Volga Gas. Under the terms of the offer, Volga Gas shareholders are entitled to receive, for each Volga Gas share held, 23.71 pence in cash. On Tuesday, GEM Capital says the offer has now been extended and will remain open for acceptance until February 12. Offer was unconditional when 75% of shareholders agreed.
Current stock price: 23.10 pence
Year-to-date change: up 5.0%
By Paul McGowan; paulmcgowan@alliancenews.com
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