RNS6 Jul 2020 08:08
We are being taken over:
The boards of directors of Viaro Energy and RockRose are pleased to announce that they have reached agreement on the terms of a recommended all cash offer pursuant to which Viaro Energy will acquire the entire issued and to be issued ordinary share capital of RockRose (the "Acquisition").
· Viaro Energy is a UK registered company, headquartered in London and is a wholly owned subsidiary of Viaro, a physical energy trading group with global commodities trading activities and interests in energy sector support services and upstream asset development. The Viaro Group has offices in Dubai and Hong Kong.
· Under the terms of the Acquisition, each RockRose Shareholder will be entitled to receive:
in respect of each RockRose Share 1,850 pence in cash (the "Consideration")
· The Consideration represents:
o a premium of 64 per cent. to the Closing Price of 1,130 pence per RockRose Share on 3 July 2020 (being the last Business Day prior to the date of this Announcement);
o a premium of 91 per cent. to the volume weighted average Closing Price of 970 pence per RockRose Share for the three-month period ending on 3 July 2020 (being the last Business Day prior to the date of this Announcement);
o a premium of 69 per cent. to the volume weighted average Closing Price of 1,098 pence per RockRose Share for the six-month period ending on 3 July 2020 (being the last Business Day prior to the date of this Announcement); and
o a value of £247,575,824.50 for RockRose's issued and to be issued ordinary share capital.
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