some news extracts20 Nov 2013 15:15
LONDON (Alliance News) - Exillon Energy PLC Wednesday said the acquisition of a 14.9% stake in the company by Flowdale Investments Limited took place without the knowledge or consent of the Exillon board.
The Russian oil producer, which formally put itself up for sale last month, said Flowdale, which is owned by Russian tycoon Mikhail Gutseriyev, purchased over 24 million shares in Exillon on November 18 at a price per share of 275 pence, giving Gutseriyev a 14.9% holding.
The company said the ongoing formal sale process of the company is proceeding as planned, and it expects to provide an update to the market on the outcome ahead of the Christmas period.
In September, Kazakh businessman Maksat Arip, the founder of Exillon, said he intends to participate in the auction of Exillon, after Exillon turned down his offer to re-acquire it in July.