rns5 Mar 2019 12:06
Possible Offer for Independent Oil and Gas plc
RockRose (LSE: RRE), the independent oil and gas company, announces that, on 1 March 2019, it made a formal approach to the board of directors of Independent Oil and Gas plc ("IOG") with a proposal for an all cash takeover offer for IOG (the "Proposal").
The terms of the Proposal were that RockRose would offer 20p in cash per ordinary share ("IOG Share") for the entire issued and to be issued share capital of IOG (the "Possible Offer") which would value the total share capital of IOG at £26.6 million. The Possible Offer, if made, would represent a premium of 51 per cent. to the closing price of IOG on 26 February, the day of the initial approach by RockRose to IOG and a premium of 58 and 44 per cent to the 30 and 60 day volume-weighted average price ("VWAP") respectively, up to the period ended 26 February.