RBD .....and their desperation for additional funds18 Jul 2020 19:54
Much of the week involved deal talk concerning Reabold Resources PLC (LON:RBD) and Deltic Energy PLC (LONL:DELT).
Reabold on Friday responded to an earlier rejection of its takeover approach by Deltic with a defence of its West Newton project in Yorkshire's East Riding. The AIM-listed group currently has a 39.7% economic interest in the West Newton project through a 59.5% interest in Rathlin Energy, the prospect’s operator.
It said it would be pleased to provide access to detailed and up to date information and spend time with the Deltic board and its advisers to explain the significant upside potential in its portfolio and the forthcoming West Newton appraisal wells.
Reabold has proposed an all-share offer of 1.5 of its shares for each one in Deltic, which at the time of the offer valued the former Cluff Natural Resources at approximately £12.3mln or around 0.87p per share. Deltic said the offer did not even reflect its existing cash balance (£13.2mln) and said it also had concerns over a number of Reabold's investments and, in particular, the West Newton project